Reports Provided By Cost Accounting Department.

Q6. What are the various reports generally generated by the cost accounting department?
Ans. Reports provided by cost accounting department are as follows:

  1.  Cost sheet.
  2.  Consumption of material statement.
  3.  Labor utilization statement.
  4.  Statement following overhead incurred compared with budget.
  5.  Statement showing sales compared with budget.
  6. Reconciliation statement between financial profits with costing profit.
  7. Statement showing abnormal losses.
  8. List of closing inventory and monthly consumption sheet.
  9. Labor turnover and its related cost.

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