The present work takes into account essential elements for decision-making in the business environment, being the systematic measurement of the use of resources by applying the methods of Cost Accounting primary to achieve economic efficiency, knowing the resources used in the production of goods and services, as well as evaluating labor productivity, categories of great importance in the recovery of the economy.
Introduction
In today's world there are important transformations in the functioning of the world economy, characterized by a global recession, in which Cuba is not totally exempt from its effects, nor is it oblivious to the ills that affect humanity; particularly third world countries which has led to substantial changes in business activity and the need for some financial stability in companies; being forced in these circumstances to make better use of resources, increase labor productivity, achieve better results with less costs.
The foregoing corroborates the importance of accounting as a management tool. Accounting is the science that evolves and whose main objective is to classify, measure and value the financial operations carried out by the company, based on reasoned and logical knowledge to record, synthesize and analyze the results, obtaining an adequate information base for its management and decision making in the external and internal context of the company.
Cost Accounting together with Financial Accounting are two important branches of accounting, both arise to fulfill clearly defined purposes and due to the need for specialization.
Specifically, financial accounting is responsible for the classification, recording and interpretation of economic transactions, reflecting the economic situation of the company at the end of the accounting year (Financial Statements). It constitutes a source of information for internal and external users (investors, financial analysts, creditors, government agencies and other interested groups).
Cost Accounting is a part of Accounting referring to the internal activity of the Company, mainly to the following aspects:
- Know costs and returns of production factors and work centers. Costs of finished or semi-finished products or services. Evaluate inventories and establish margins.
The application of cost methods allows us to know the resources used in the production of goods and services, as well as to evaluate the productivity of work, categories of great importance in the recovery of the Cuban economy.
Development
Accounting evolves and among its main objectives are to classify, measure and value the financial operations carried out by the company, based on reasoned and logical knowledge to record, synthesize and analyze the results, obtaining an adequate information base for its management and taking decisions in the external and internal context of the company. Evaluating these concepts depends on the growth of resources, and the need to meet the expectations of information from business management to contribute to the decision-making process.
1.1 Definition, objectives and importance of Management Accounting.
Financial accounting, as well as management accounting are the most important branches of accounting that appear due to the need for specialization and fulfillment of clearly defined purposes.
Financial accounting is responsible for the classification, recording and interpretation of economic transactions, reflecting the economic situation of the company at the end of the accounting year (financial statements). It constitutes a source of information for external users (investors, financial analysts, creditors, government agencies and other interested groups). In this sense, it is considered that Financial Accounting is primarily interested in the Financial Statements for external use.
Management Accounting captures, measures and values the internal circulation of the company, rationalizing and controlling its resources to provide its managers with the necessary and sufficient information that allows them to make decisions internally and in the short term in function of the organization, according to the proposed goals.
Accounting dedicated to information for internal purposes has been one of the most widely used instruments as an information system for management, since it allows knowing the results of the company and each of its areas, decisively contributing to the decision-making process.. It is of great importance for organizations as it aims to serve as an orientation or starting point for all kinds of internal decisions at different levels within the short-term time horizon.
Management uses Management accounting to plan, understanding the commercial transactions and expected economic events and their impact on the Company, evaluating by making judgments about the contradictions of different past and / or future events, in addition to controlling, ensuring the integrity of the financial information that It concerns the activities of the organization and ensure accounting, establishing an information system that considers the responsibilities of the organization and analyzes the effectiveness of management performance.
For decision-making, management fundamentally thrives on accounting that provides information about the internal framework of the company as it is the carrier of relevant data that allows us to know the result of the Company and its areas, accounting that must be adapted to correct use. of the resources of the same, to avoid wastage. Having within its plans continuous improvement, as well as the development of new cost systems, playing a decisive role in information.
When designing new cost systems it is essential to take into account the different purposes of Management Accounting as a prop for the development of the organization.
Management Accounting Objectives
As organizations develop, due to the information they provide to Management, Management Accounting evolves along with it, varying in relation to the economic and social environment, attending to competition and the appearance of new technologies that influence this evolution..
Taking into account that the evolution of Management Accounting has been related to the development of business management and the obligations of organizations at each stage of economic development, the following are summarized as its main purposes:
- The evaluation of inventories and determination of profits. The planning and control of business operations. The decision making.
The Inventory and Profits Assessment refers to the process of accumulating the costs of an organization's products and services, which can be used by managers primarily as a guide for setting sales prices, satisfying the needs of external reports, when presenting the cost of inventories and profits for the period.
Planning and control are two closely related elements. Planning consists of establishing objectives and ways to achieve them and control is the execution of the decision made and performance evaluation based on the results obtained. Related to these aspects, budgets and execution reports are of great importance, basic tools to help management throughout the planning and control process, by analyzing the results.
Management Accounting in addition to the objectives set out above pursues:
1- Inform the people involved in the organization, providing them with the required information, making use of the ideal information system for good management.
2- It indicates the adequate and precise way to make use of the resources with efficiency and effectiveness.
3- It encourages those involved in achieving the objectives to use the systems linked to management control.
The role that Management Accounting plays in the organization is important for the decision-making process and in the control of Management, responding to the needs established by the business management.
1.2 Cost Accounting. Definition. Importance. Its difference with Financial Accounting
Cost Accounting is a branch of Management Accounting which is fundamentally related to the accumulation and analysis of cost information for internal use by managers, in inventory valuation, planning, control and management. decision making.
The International Association of Accountants defines Cost Accounting in the Statement on Management Accounting (DCG) Number 2 ¹ as:
"Technique or method to determine the cost of a project, process or product, used by most legal entities in a company or specifically recommended by an authorized accounting group"
Cost Accounting is a part of Accounting referring to the internal activity of the Company, mainly to the following aspects:
- Know costs and returns of production factors and work centers. Costs of finished or semi-finished products or services. Evaluate inventories. Establish margins.
Difference between Cost Accounting and Financial Accounting
Financial Accounting and Cost Accounting can be differentiated taking into account the criteria of the users who make use of the information:
In addition to the above, there are 6 major differences between the two:
- Due to its purpose or objective Physical location of the department Obligation Assessment Criteria Scope of action Formalism Due to its purpose or objective:
Financial Accounting (CF) seeks to obtain benefits and equity of the company, that is, it follows the patrimonial masses and the natures, as well as the concepts of expenses and income based on the analysis of the Income Statement of an accounting period.
Contrary to this, Cost Accounting (CC) controls the internal management of the Company, measures the efficiency of production (construction site, machinery, raw materials, etc.), in addition to evaluating inventories and analyzing costs to set prices and margins.
- Physical location of the department:
Both accounts depend on the financial area of the Companies. The CF is located in the offices and the CC in the manufacturing centers, the CF manages the purchase and sale invoice, information related to the outside of the company; the CC handles parts of the job, inventory sheets, etc.
- Mandatory
The CF is mandatory, it offers information for use by the hacienda, creditors, shareholders and suppliers, that is, it is important for external agents. While the CC is for the exclusive use of the Company (managers).
- Valuation Criteria
For the CF the Generally Accepted Accounting Principles are established with the criteria applicable to expenses, investments, income, amortizations… etc.
The CC has established criteria that take into account the economic nationality and the directors of the Company for the distribution of indirect expenses between products.
The Valuation Criteria of both may be different but the accounting results of this must coincide. The costs must be registered by nature of the CF, as well as in the income there must be no differences.
- Scope of action
The CF is public and therefore must be transport for good relations with third parties (external agents). While the results of the CC do not exceed the limits of the Company.
- Formalism
In its presentation, the CF obeys models of the financial statements so that its understanding is possible, it responds to accounting standards.
For the CC the presentation is free, according to the type of company.
The main objectives of cost accounting are
- Evaluate the efficiency in terms of the use of material, financial and labor force resources that are used in the activity. Serve as a basis for determining the prices of products or services. Facilitate the assessment of possible decisions to be made., that allow the selection of that variant, that provides the greatest benefit with the minimum of expenses. Classify the expenses according to their nature and origin. Analyze the expenses and their behavior, with respect to the norms established for the production in question. Analyze the possibility of reducing expenses. Analyze the costs of each structural subdivision of the company, based on the expense budgets prepared for it.
A very accurate definition of cost is that of Pedersen: "Cost is the consumption valued in money of goods and services for production that constitutes the objective of the company"
For Schneider cost "… the monetary equivalent of the goods applied or consumed in the production process. ' ˝
The French General Accounting Plan contains the following definition: “The cost price of an object, of a benefit, of a group of objects or of benefits, is all that this object, this benefit, this group of objects or of benefits, in the state in which it is at the final moment. ”
“The cost is constituted by the partial or total consumption of the inputs that in any production process contribute to obtaining the outputs. The cost represents the valuation, in monetary terms, of this contribution with the inputs to obtain the outputs. ”
The inputs and outputs are the inputs and outputs of the production process; entries refer to direct materials, direct labor, and other manufacturing overhead; outputs are associated with finished products or services provided.
In Cost Accounting, Horngren defines cost as "… the means in the conventional accounting form, in monetary units, that must be paid to acquire goods and services."
Cost is defined by Polimeni as: "The value sacrificed to obtain goods or services."
It is appropriate to clarify that: “Every sacrifice, to be cost, must increase the value of the good to which it is applied; any sacrifice that does not meet this condition must be considered as a waste. ”
The concepts expressed on the term cost have been diverse, although all agree that cost is the value of material and human resources, consumed or used in the elaboration of a product or in the provision of a service, which constitutes a measure of productive economic efficiency, so its behavior makes it easy to evaluate the results.
Cost does not arise until consumption is made, so it cannot be identified with the concept of expenditure that precedes cost. The cost takes care of the moment of consumption, the expense refers to the moment of acquisition.
1.3 Classification of costs.
Criteria for the Classification of costs.
When reviewing cost classification criteria, we can evaluate the following:
1- In relation to the elements that comprise it:
Production or industrial cost: Includes the cost of materials, labor and other manufacturing costs; It is normally used as a stock valuation criterion. When the product is sold the cost of production is offloaded on the cost of the items sold.
Distribution cost: It is the cost related to the marketing and delivery of products to customers.
Company cost: It is the total cost of the period obtained by aggregation of production and distribution costs.
2- In relation to the production volume
Fixed cost: It is the one in which the total fixed cost remains constant, regardless of whether the level of activity of the company varies, while the fixed cost per unit varies with production, that is, the fixed cost per unit is reduced to As the activity increases, by dividing the fixed costs among a greater number of units. (Figure 2)
Variable cost: It is the one in which the total variable cost changes in direct proportion to the variations in the production volume, while the unit variable cost remains constant. (Figure 2)
Mixed cost: It is one that contains both fixed and variable cost characteristics.
3- In relation to production:
Prime cost: It is the one directly related to the manufacture of a product; equals the sum of direct materials and direct labor, that is, the direct cost items.
Conversion cost: It is the one incurred in the transformation of direct materials into finished articles; It is made up of direct labor and indirect manufacturing costs. It is observed that it considers direct labor as a direct item and incorporates indirect cost items.
4- In relation to its possible assignment:
Direct cost: It is the cost of materials and labor capable of identifying with specific items or areas. This, like the prime costs, includes direct items.
Indirect cost: It is the one that, by affecting the process as a whole, is not directly identifiable with any article or area, so it is necessary to use allocation techniques for its distribution. This reflects indirect cost items as well as conversion costs.
5- In relation to the functions:
Manufacturing cost: Relates to the production of an item; it is the sum of direct materials, direct labor, and manufacturing overhead.
Marketing cost: The sale of a product or service is incurred.
Administrative cost: The direction, control and operation of a company are incurred; includes payment of salary to management and office staff.
Financial cost: It is related to obtaining funds for the operation of the company; It includes the cost of interest on loans as well as the cost of granting loans to clients.
6- Regarding the degree of control:
Controllable cost: Those in charge of the areas of responsibility can exert direct influence on it.
Uncontrollable cost: It is not under the direct influence of the managers of the areas; their responsibility is assumed by the upper management levels.
7- Regarding the moment of calculation:
Real, retrospective, historical or effective cost: It is calculated from the actual consumption in the production process over a period of time.
Standard, prospective or predetermined cost: It is calculated from predetermined consumption, at a price determined for a future period; It can be considered as a standard cost.
8- In relation to planning, control and decision making:
Standard cost: It is the cost per unit of direct materials, direct labor and indirect manufacturing costs, which should be incurred in a production process under normal conditions; satisfy the same purpose of the budget.
Budgeted cost: It is the total costs expected to be incurred in a certain period.
1.3 Basic elements of cost
As stated in the previous section, the cost of production is the value of the set of goods and efforts that have been incurred or will be incurred, which must be consumed by manufacturing centers to obtain a finished product, in conditions to be delivered to the commercial section. Direct materials, direct labor and indirect manufacturing costs expressed in value are part of the cost of a product.
Materials are the main goods used in production and transformed into finished articles with the addition of direct labor and indirect manufacturing costs. Materials can be divided into direct and indirect materials.
Direct Materials are all those physical elements that are essential to consume during the manufacturing process of a product, its accessories and its packaging, and represents the main cost of the raw material in the manufacturing process. This with the condition that the consumption of the input must be proportionally related to the number of units produced.
According to Horngren, direct materials are "… all that raw material that can be physically seen as forming an integral part of the finished product and that its quantity in the product can be determined in a way that is economically feasible."
Indirect Materials are all materials that are not directly associated with the manufactured product.
Indirect materials are those that "… the costs to determine the exact quantity of these materials has the finished product, in order to calculate more accurately the cost of the product, are not justified in terms of the benefits to be obtained."
Labor is the physical or mental effort expended on the manufacture of a product. Its cost can be divided into direct and indirect labor.
“Direct labor was defined as labor that is directly involved in the production of a finished item, which can be easily tracked on the product and represents a significant cost of labor in its production.
Indirect Labor is the one that does not participate directly in the production process "… it is not easily traced in the product and it is considered that it is not justified to determine the cost of labor in relation to the product."
Indirect production costs or factory charges are all production costs, except for raw materials and direct labor. They are all the costs that a center needs to incur in order to achieve its goals; costs that, except in exceptional cases, are indirectly assigned, therefore it requires distribution bases.
Indirect manufacturing costs can be subdivided according to the object of expenditure into three categories:
Indirect Materials Indirect
Labor
General manufacturing overhead.
In addition to indirect materials and indirect labor, manufacturing charges include the cost of purchasing and maintaining production facilities and various other factory costs. Included within this category we have the depreciation of the plant and the amortization of the facilities, the rent, heating, electricity, driving force, property taxes, insurance, telephones, travel, etc. All indirect manufacturing costs are direct to the factory or plant.
The Fixed and Variable Cost Classification is useful in preparing budgets for future operations. Costs classified as direct and indirect with respect to the product or department are useful in determining the profitability of product lines or the contribution of a department to company profits.
Raw materials and direct labor give rise to disbursements, which are part of manufacturing charges. The first involves handling, inspection, maintenance, insurance, etc. costs. The second requires the provision of social services, personnel offices, time study offices, etc.
For product costing purposes, all costs incurred at the factory are eventually allocated to the production departments through which the product circulates. The accumulation and classification of costs by department is called distribution or allocation of costs. Costs that can be directly attributed to the department are assigned directly. Manufacturing overhead and service department costs are also allocated to production as it passes through departments.
1.4 Classification of expenses for registration
In the Cuban business context, expenses for registration are grouped by items and items, according to the provisions of the Ministry of Finance and Prices.
According to the general bases for business improvement "They are expense elements, those that are identified with their economic nature, whether or not they are directly or indirectly associated with the product or service."
The elements of expense are all those that are incurred during the production or service process, such as administration, distribution, sales, and others unrelated to the entity's fundamental activities.
The general cost guidelines establish the following as elements of expenditure:
- Raw materials and materialsFuelsEnergySalariesOther labor force expensesDepreciation and amortizationOther monetary expenses
The grouping of expenses by items is associated with the production or service process, with the fundamental objectives of determining and calculating the cost of the product, service or process. The cost items group the expenses, by the form of inclusion in the product, and by their direct or indirect incidence.
Expenses are grouped by item due to the fact that the grouping by elements is insufficient for planning, recording, calculating and analyzing the cost of production by type of product.
The established items are:
Direct cost items:
- Raw Materials and Materials Salary and Other Labor Force Expenses
Indirect cost items:
Indirect Manufacturing Expenses
The Record of expenses is guaranteed from the Cost Accounting system used, through it, production expenses can be analyzed by areas of responsibility or by cost centers.
1.5 Definition of area of responsibility and cost center
Together with the growth and development that a company can achieve, the need to delegate responsibilities arises, therefore its main management must reorganize and reevaluate the tasks with the aim of decentralizing the Company's functions, also devising the way to coordinate and control the tasks performed by the subordinate managers, which necessarily yielded information on the use of resources, obtaining income and expenses incurred by the Company.
The objectives of Management Accounting are clearly described in SMA No. 1B of the NAA.
“Implementation of a reporting system that is in accordance with organizational responsibilities. This reporting system will contribute to the effective use of resources and the measurement of administrative performance. Transmission of management's goals and objectives throughout the organization in the form of assigned responsibilities is a basis for identifying areas of responsibility. Management accountants must provide an accounting and reporting system that accumulates and reports on approved income, expenses, assets, obligations, and related quantitative information for managers. These will have better control over such elements ¹
A deep analysis of the activities within the Company that should be decentralized is necessary, as well as the type of approach to be used, taking into account the particular nature of each activity, in addition to the degree of responsibility of the people who will coordinate the operations and make the decisions in the different areas that will be subordinate to the Company.
Accountability levels accounting is a method under which costs can be planned and controlled through areas of responsibility. They prepare their budget by the manager, determining their degree of scope with reasonableness and based on the responsibility of the people who incur the costs, carrying out established controls such as:
1- Plans with objectives and goals.
2- Delegation of responsibility and authority for the costs incurred.
3- Develop performance standards.
4- Analysis of reports presented to evaluate goals and control execution.
5- Establish an audit system that examines the unfavorable variations and that follows up on them.
This way of keeping the Accounting is important for the Companies that are in accelerated growth, since it reduces the pressure of the central management.
Decision-making is carried out close to operations and at lower levels, therefore the volume of information reaching the main management is greater, with local managers taking responsibility for their reliability, which makes it possible for the main manager to make decisions. of a greater nature based on the work of subordinate managers.
When the activities of the Company as expressed above are segmented by areas with their respective managers, they acquire the category of responsibility centers, within them the cost centers, which as part of the organization, only control the incurrence of costs, not including sales or market activities, its performance is measured in terms of budgeted costs and the manager is ultimately responsible.
1.6 Cost system. goals
Cost systems are a set of methods, rules and procedures that govern the planning, determination and analysis of cost, as well as the process of recording the expenses of one or more productive activities in a company, interrelated with the subsystems that guarantee control of production and material, labor and financial resources.
The objectives of a Cost System are listed below, among which are:
- Establish guidelines to which the cost allocation procedures are subject. Determine the criteria to be applied in the distribution and apportionment of expenses. Establish the opportunity or date on which costs must be calculated. The calculation methods. can be used How certain costs have to be treated Ways to determine total and unit costs Methodology for cost budgeting and standard setting
Accumulating routine cost of production data is a very important and time consuming task. An adequate accumulation of costs provides the administration with bases to predict the economic consequences of its decisions. There are two methods of cost accumulation, the periodic system and the perpetual system.
A periodic cost accumulation system provides limited information during the period and requires adjustments in time intervals to finish the cost of manufactured articles. Under this system, physical inventories are taken periodically to adjust the inventory accounts and establish the cost of production. A periodic accumulation system is not considered as a complete cost accounting system as long as inventories of raw materials, work in process and finished items can be determined only after physical inventories are carried out. Because of these limitations, periodic cost accumulation systems are generally used in small manufacturing companies.
A perpetual cost accumulation system is a method that provides continuous information about inventories of raw materials, work in progress, finished items, and cost of sales. This cost system is usually used in most medium and large companies.
There are two basic types of perpetual cost accumulation system classified according to their characteristics: the work order cost system and the process cost system.
Cost system per process
This system is suitable for manufacturing production companies, where two or more processes are executed in the same department, making it convenient for these cases to divide the departmental unit into Cost Centers to accumulate their costs and not by departments, this system allows knowing the manufacturing costs incurred by the Company in each period, determining the total unit cost to know the final income reached.
Polimeni describes the fundamental characteristics of this system.
1- Costs are accumulated and recorded by departments or cost centers.
2- Each department has its own work in process inventory account in the general ledger. This account is charged with the costs of the process incurred in the department and is credited with the costs of finished units transferred to another department or to finished items.
3- Equivalent Units are used to determine the work in process inventory in terms of units completed at the end of a period.
4- Unit costs are determined by department in each period.
5- The finished Units and their costs are transferred to the next department or to the finished article inventory. By the time the units leave the last department of the process, total period costs have been accumulated and can be used to determine the unit cost of finished items.
6- The total and unit costs of each department are periodically added, analyzed and calculated through the use of production reports.
Considering the characteristics of this method to assign costs, it is evident that the departments or cost centers play an important role, since they carry out processes before the items arrive at the warehouse, each of them incurring MOD costs., MD and CIF which are charged to separate work in process accounts.
The application of this system brings with it the use of two methods which are differentiated by the way in which the initial inventories of work in process are treated, these being costing techniques.
First in, first out (PEPS) where work-in-process units are recorded separately from the units of the current period and their costs are separated at the beginning and at the end of the period, resulting in two balances of the cost per finished units.
Weighted average cost: They are added to the current costs of the period, those of the initial inventory of work in process and the total is divided by the equivalent production; obtaining the weighted average costs per unit. This denotes the non-separation of the finished unit and initial work in progress.
Order cost system
Another of the basic systems to distribute costs is:
Cost system for work orders:
Applicable for companies that work under multiple orders to meet the needs of various customers. The manufacture of the product is carried out according to the requirements of each client and the price stipulated is linked to the total cost of said item, that is, its estimated cost.
For this system, the basic elements of cost are treated as follows:
Direct materials: They are accumulated for each work order, they are obtained from the warehouses with the previously required approval, then they are charged to order, debiting the work in process account.
Indirect materials: They differ from direct ones in that they are charged to the indirect cost control manufactured by department and are assigned to specific work orders for completion, this through an application fee.
Direct labor: They are accumulated in cards, registering the total hours worked by employees. This cost is charged to work orders, indicating the number of direct hours worked in each order or the number of indirect hours worked in the department per employee daily. A debit is made to the work in process account to distribute the direct labor hours and their cost. Indirect labor hours and their corresponding cost are made through a debit to the Indirect Manufacturing Cost control account, distributed in the work orders.
Indirect manufacturing costs: They are accumulated in the indirect manufacturing cost sheets of the department in question, applying to specific orders.
The deteriorations that can be made in any production process, in relation to its cost, are treated as follows:
Normal impairment: It is absorbed by good units, increasing their unit cost, because their total cost is distributed in smaller units, including good units.
Abnormal impairment: It is deducted from work in process and separated in the loss account for abnormal impairment, therefore its cost per units is not increased.
Defective Units: Those that can be reprocessed are included as normal and abnormal defective items and their accounting is similar to normal and abnormal deterioration.
The three stages of a cost system defined by Guatri are:
“Classification: Grouping of costs according to the characteristics of the factors or means.
Location: Distribution of costs among the centers or production sections in which the process takes place.
Imputation: Attribution of costs to products. ”
Undoubtedly, in a cost system, expenses are initially grouped by elements according to their economic nature and by cost items according to their form of inclusion in the product and their direct or indirect incidence; secondly, costs are assigned to each structural subdivision of the company with the preparation of budgets; Lastly, costs are attributed to manufactured items for the primary purpose of establishing their sales prices.
The analysis of the results obtained in these stages will allow the company to know how much has been spent in the production process, how it has been spent and where it has been spent.
The minimum specific objectives of any cost system are:
Establish an internal valuation system for finished products, products in process, as well as the valuation of the cost of products sold, a previous and necessary step in calculating the internal result.
Create enough information to control production (production and section yields), costs (consumption) and results (profits or losses).
Provide information for the optimization of the management of the company in order to better fulfill its objectives, both in the short and long term.
In summary, the objective of a cost system is not limited to the costing of the product for the valuation of inventories and the determination of results, but encompasses other purposes such as planning, control, analysis and decision-making. aspects that are taken into consideration to design techniques that record their incurrence.
Conclusions
The need for a theoretical foundation for the cost activity is demonstrated, starting from the fact that the theory is the first for the design of the techniques or systems for treating them.
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