PAT0075 Assignment 1

Using no more than 250 words, write a description of the object depicted in the two photographs.

Cost accounting is used by most companies whether manufacturing or service to keep track of their daily activities. It is essential in understanding the costs of running any enterprise. In other words they aid in determining the costs of inputs and outputs used in production. It involves analyzing and evaluating different approaches in order to determine the most suitable method that management can use suitably and one that can aid in future planning. Cost accounting is therefore an essential tool in decision making. Decisions made may involve pricing levels, future investment, production levels and coming up with a good competitive strategy. Different industries use different cost accounting method depending on the type of services provided or product manufactured.

Payment was denied due to the lack of medical necessity for the frequency of the billed procedure. The carrier stated that the procedure was last performed on August 28, 2014.

5. The automatic 2 day extension for assignment submissions ends by Friday of week 8. DONE

The goal of The United States Postal Service is to create “a free flow of information between citizens and their government as a cornerstone of freedom, often spoke of a nation bound together by a system of postal roads and post offices.” (Longley 2013) Postal offices are forbidden to open any letters unless it is undeliverable The United States Postal Service (USPS) is responsible for providing postal services for the United States to all Americans no matter the geographical location. The United States Postal Service is an independent agency of the United States federal government that was

Social workers have a history and tend on treating problems with their clients, but due to budget cuts and changes in policy, social workers are focusing their attention on preventing the problem. Bush (2000) stated that

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Today Company’s like Target and Wal-Mart management has a variety of responsibility; one understanding is cost effectiveness within the company cost-volume-profit is important to the company and management a critical factor that should not be miss understood. Management decision is important in selling, pricing, and determining product mix for example, cost-volume-profit consists of components (below) at different activity levels. Activity level are useful because management can analyze how the behavior levels changes the volume with changes in cost for example, variable cost in total activity will become proportionally with change.

The costing systems aid companies in determining the cost of a product in relation to the revenue the product generates. The costing systems commonly used in businesses include activity-based costing and traditional costing. Traditional costing system assigns the manufacturing overhead based on the capacity of a cost driver. For example, the amount of direct working hours required to produce a particular item. Cost drivers are factors that cause cost to incur, like machine hours, direct material hours, and direct labor hours. Activity-based costing system allocates cost of manufacturing a product in accordance to the activities required to produce the particular item. It’s therefore essential for managers to understand the merits

The Profit and Loss statement makes it very clear which areas will need attention. Payroll is by far the largest expense the company incurs (besides cost of goods sold). Staff will need to be managed and hours regulated so that hours worked correlate to sales. Emphasis will be placed on minimizing

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Advances in the application of new cost techniques, is not always adequate for planning future cost for a company (Cokins et al, 2012). In some cases, organizations Cokins et al (2012) explains, the gap seems to widen between management accountants and the management staff and employees. The reason for these gaps can stem from various areas of operations. A company’s strategic shifts can either work effectively or ineffectively. Managers pursue many approaches to find the most effective route to successfully implementing a strategic plan for increasing a firm’s financial position. The pertinent information gain from historical and assumed future data allows managers to plan accordingly. The main purpose of this study is to evaluate the cost structures of a firm and determine the reason for expenses increasing, if certain situations occurs. Bloch et al (2013) describes four stages of strategic cost management systems as:

For any firm, it is very much critical and crucial for the accurate estimation of product costs in order for the operations to be profitable. It is very much essential for companies to know which products would actually generate profit for them which can only be found out by correct cost estimation. For such cost estimation companies adopt certain system basically known as a costing system or product system or a cost accounting system. Costing system (cost accounting system), can simply be understood as a system that can be adopted or used by a company or a firm for estimating the cost of their products (goods or services) so as to analyze profitability, valuation of

In the world of accounting, cost accounting serves as managers go to system for cost information. As previously mentioned, cost accounting is a specialized subset of accounting that collects, determines, classifies, and interpret the cost of products or services. In addition, the concepts of cost accounting are to account for the incurrence and control of cost and measure the operating efficiency of a company on a periodical basis. “Cost accounting, as defined here, deals with the rest when, and if, such measurement helps management drive the organization to work better and cost less.” (Geiger, 1995, pg. ).