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Increasing the accuracy of cost accounting at company X

Eijk, M.W. van (2020) Increasing the accuracy of cost accounting at company X.

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Abstract:Cost reduction: a challenge for every company. Cost accounting is the process of identifying, monitoring and managing costs. Accurate cost accounting is essential for obtaining useful information and it eases the process of cost reduction. In this report, I elaborate on my literature study on accounting methods ensuring maximum accuracy of cost accounting. In addition, I apply the findings by developing and delivering new cost accounting tools for Company X, a manufacturing company. I developed these tools to ensure that accurate and useful information about costs is provided to the managers of the company, thereby facilitating decision-making processes. The information provided by the tools focusses on analysing the difference between the actual and expected manufacturing cost, known as the manufacturing cost variance. By monitoring this variance as accurately as possible, high and unexpected manufacturing costs can be averted more effectively. Detailed analyses ease the process of reducing the cost variance. The main research question in this report is therefore stated as follows: Which cost accounting methods should be applied to reduce the manufacturing cost variance at Company X?
Item Type:Essay (Bachelor)
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:85 business administration, organizational science
Programme:Industrial Engineering and Management BSc (56994)
Link to this item:http://purl.utwente.nl/essays/82555
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