- Accounting Basics Tutorial
- Accounting - Home
- Accounting - Overview
- Accounting - Process
- Accounting - Basic Concepts
- Accounting - Conventions
- Accounting - Accounts' Classification
- Accounting - Systems
- Financial Accounting
- Financial Accounting - Journal
- Financial Accounting - Ledger
- Financial Accounting - Books
- Financial Accounting - Depreciation
- Cost Accounting
- Cost Accounting - Introduction
- Cost Accounting - Advantages
- Cost Accounting - vs. Financial A/c
- Cost Accounting - Cost Classification
- Cost Accounting - Elements of Cost
- Cost Accounting - Cost Sheet
- Cost Accounting - Cost Control
- Cost Accounting - Cost Reduction
- Cost Accounting - Budgeting
- Cost Accounting Techniques
- Cost Accounting - Marginal Costing
- Cost Accounting - Standard Costing
- Cost Accounting - Variance Analysis
- Cost Accounting - CVP Analysis
- Management Accounting
- Management A/c - Introduction
- Management A/c - vs. Cost A/c
- Management A/c - vs. Financial A/c
- Management A/c - Cash Flow
- Management A/c - Ratio Analysis
- Management A/c - Useful Ratios
- Management A/c - Working Capital
- Accounting Useful Resources
- Accounting Basics - Quick Guide
- Accounting Basics - Useful Resources
Cost Accounting - Cost Sheet
A cost sheet is prepared to know the outcome and breakup of costs for a particular accounting period. Columnar form is most popular. Although cost sheets are prepared as per the requirements of the management, the information to be incorporated in a cost sheet should comprise of cost per unit and the total cost for the current period along with the cost per unit and the total cost of preceding period. Data of financial statement is used for preparation of cost sheet. Therefore, reconciliation of cost sheet and financial statement should be done on a regular interval.
Format
|
COST SHEET OR STATEMENT OF COST Total Units……… |
||
|---|---|---|
| Opening Stock of Raw material | ... ... ... ... | ... ... ... ... |
| Add: Purchases | ... ... ... ... | ... ... ... ... |
| ... ... ... ... | ... ... ... ... | |
| Less: Closing Stock | ... ... ... ... | ... ... ... ... |
| Cost of material Consumed → | ... ... ... ... | ... ... ... ... |
| Add: Direct Labor/Wages | ... ... ... ... | ... ... ... ... |
| Prime Cost → | ... ... ... ... | ... ... ... ... |
| Add: Works overheads | ... ... ... ... | ... ... ... ... |
| Works Cost → | ... ... ... ... | ... ... ... ... |
| Add: Administration overheads | ... ... ... ... | ... ... ... ... |
| Cost of Production → | ... ... ... ... | ... ... ... ... |
| Add: Selling and distribution overheads | ... ... ... ... | ... ... ... ... |
| Total Cost or Cost of Sale → | ... ... ... ... | ... ... ... ... |
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