Problems In Cost Accounting Classic Reprint

Author : Dewitt Carl Eggleston
Publisher : Forgotten Books
ISBN 13 : 9781330310854
Total Pages : 369 pages
Book Rating : 4.3/5 (18 download)

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Download or read book Problems in Cost Accounting written by Dewitt Carl Eggleston and published by Forgotten Books. This book was released on 2015-06-15 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Problems in Cost Accounting The invention of machinery, followed by the rise of the factory system, has resulted in highly specialized forms of manufacturing. So specialized is modern production that workmen carry on particular operations without knowing very much about further work necessary to produce the finished commodity. These workmen are organized in departments which require specialists to direct them. The relationship of every part to the whole is known fully only in the central office. Experience has shown that as soon as an establishment grows to such a size that the details of operation in the various departments go beyond the scope of a single individual's supervision, some organization must be effected which will provide records to guide the management in the exercise of adequate direction and control in the manufacture of a commodity on the one hand and in the selling of it on the other. Of course the management is interested in fixing a price for the product so that its sale upon the market will secure the maximum net return. Great skill must be shown in judging the market so as to fix a price which will be low enough to induce the greatest number of buyers and at the same time high enough to give the greatest net return. To one unacquainted with business, acumen in this direction would seem to be the prime asset of the successful manager. However, the manager is also concerned in keeping down costs. In his relation to the market he is interested in maintaining good prices for his commodity, but in his relation to the materials and services necessary to produce it, he is also interested in keeping down costs. It is clear that the first item of cost is the raw material which must be worked up into an article to be sold. This material must be purchased as cheaply as possible and it should be utilized with such economy that little or none is wasted. Therefore, the manager of a large concern must have some record of the materials used in producing goods to fill orders and the cost of those materials. Furthermore, he must pay wages to his workmen who render personal services, and there must be a system of records to keep him informed concerning the quality and the quantity of services used to produce his commodity. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.