Cost Accounting Solved Problems

Accounting is one of the cornerstones of the modern economy.

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For example, do you know what it costs you if your customer always orders at the end of the month rather than throughout the month?

Pretty much the only thing that can be calculated are inventory costs, and even these are usually flawed (see The Hidden and not-so-hidden costs of Inventory).

He was merely interested in the cost and quantity of the raw materials, the value and quantity of the finished goods, and the expenses for the craftsman.

And that is even nowadays still a fitting description of the relation between manufacturing and cost accounting.

Hence, the merchant had little knowledge of the manufacturing process.

He did not know and did not care about the details of the process, its efficiency, and the possibilities for improvement.

Accounting itself can be dated back to the beginning of civilization.

The beginning of modern accounting and also cost accounting is usually attributed to Luca Pacioli (1447–1517).

Below is an incomplete list of important factors in manufacturing that are ill-covered in accounting.

Speed: Everybody knows that speed gives you an advantage over the competition.


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