Accounting - What is Cost Accounting

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It should also include all costs to prepare the asset for sale, such as the shipping cost and any extra costs you incur to store and display the lamp. Now consider the impact of including more costs in inventory. Inventory costs aren’t posted as expenses (expensed) until the asset is sold. All of the lamp costs remain in inventory until a lamp is sold. At that point, the lamp cost is posted to cost of sales (also called cost of goods sold). Other costs are expensed as soon as they are incurred.

Even if your machinery works as expected, there’s only so much capacity you can handle. Say you have machine capacity to produce 1,000,000 gloves a year. If you want increase production to 1,200,000 gloves, you need more machines. That means an investment in more fixed assets. Previewing inventoriable costs Inventoriable costs are costs that can be traced to your inventory. That includes the purchase price of the inventory item. However, there are other costs that should be added to the asset’s cost.

The external parties may not have an accounting background, so there are many rules of the road (and they are very specific) for creating financial statements. The rules exist so that each set of financial statements is standardized. If all companies follow the same set of rules to create financial statements, the information is usually comparable. Financial accounting looks backward. It’s retrospective. The accountant is creating financial statements for transactions that have already happened.

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