DESIGN AND IMPLEMENTATION OF A COMPUTERIZED COST ACCOUNTING SYSTEM
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Background of Study
The fundamental criteria for accounting are determined by the make-up of an economy as well as its historical progression. For example, the focus that has been placed on cost accounting has been aimed at fulfilling the practical demands of the manufacturing industries. As a result of the fast growth and expansion of service industries, accountants are now required to focus their attention on the resolution of a new set of difficulties that are present in a variety of sectors that are unrelated to manufacturing. The challenge that faces the accountant is how to transform the traditional accounting procedures that are now in use into more up-to-date and adaptable systems suitable for use in the service sectors (Mc Mahon, 2021).
It should come as no surprise that the previous system will need to be expanded in order to accommodate the activity of cost and expenditure accounting for production. The shape that this expansion takes is determined by a number of different factors, such as the type of control that is desired to be exercised over the manufacturing activities, the nature of the manufacturing activities themselves, and the relationship that is to be mentioned between the financial records and the cost records (Gorton, 2021).
The preceding discussion makes it abundantly evident that despite the fact that the presentation of cost accounts, for various types of businesses, may differ, it is common to follow the methods that are outlined below:
(a) Each and every expense is scrutinized and broken down into direct and indirect costs. The direct expenses are able to be assigned to a specific task process during operation, and they are afterwards transferred to that job process.
(b) The indirect expenses are entered into the appropriate account. If they can be assigned to a specific account, such as manufacturing overhead, then the term "allocation of overhead" will apply to such costs. However, if they produce enough for their overhead costs to be split across several distinct accounts, this process is known as apportionment of overhead (Gorton, 2021).
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