Q6. What are the various reports generally generated by the cost accounting department?
Ans. Reports provided by cost accounting department are as follows:
- Cost sheet.
- Consumption of material statement.
- Labor utilization statement.
- Statement following overhead incurred compared with budget.
- Statement showing sales compared with budget.
- Reconciliation statement between financial profits with costing profit.
- Statement showing abnormal losses.
- List of closing inventory and monthly consumption sheet.
- Labor turnover and its related cost.