Importance of Cost elements Accounting in Academic Curriculum
Cost Elements play a very important role in the reconciliation/alignment of costs and postings between Financial Accounting (FI) and Management Accounting/ Controlling (CO). It is basics in cost accounting. If you know elements of cost, you can try to collect them for finding the cost of product. Element of cost provides the complete structure in which we can identify our total cost. For example, you go to market and buy one packet of tiger biscuit by paying Rs. 5. But this price's major part is the cost of packet. Manufacturer made this packet of biscuit by purchasing its raw material, producing by the help of machines and labours and delivered you by any transport means. All these things have some cost and these cost will be element of cost in simple words. There are different types of cost elements such as Material cost, labour cost and expenses. This is the cost of material or the commodity used by the organisation for its production purpose. The Material is the substance, from which a product is made. Thus, it may be in a raw or a manufactured state. It can be direct or indirect. This is the cost, incurred in the form of remuneration paid to the employees or labors of the organization. The workforce required to convert material into finished product is called labour. It can be direct or indirect .Expenses are the costs of services provided to the organisation. It can be direct or indirect. The category set for a Cost Element at the time of creation will determine the transactions that can utilise the cost element. To include cost elements in the academic curriculum which help students to gain knowledge about the subject and will help students. Acquiring knowledge about cost elements for students and applying in real word in the interest of company will be the difficult task. We should let the students face the practical situation in the real world to apply cost elements.
Difficulties faced by students while solving Cost elements
The difficulties faced by student are the big difference between theoretical and practical concepts. In School students are mostly attracted towards theoretical knowledge and they are only given bookish knowledge. On the other hand, practical knowledge is far from the reach of students. Practical knowledge is related to applying theoretical knowledge in the interest of company, but most of the students don't have that many skills to convert theoretical knowledge into practical knowledge.
Technology also create a difficulty for students because In starting students are used to bookish knowledge and when they apply it in practical terms they don't have any idea about how to apply it. Even most of students don't know software's related to necessary work.
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The website www.mywordsolution.com aims at giving costing skills to students who would learn it by simple methods from experienced tutors on a one-to-one basis. It would be a good interactive session where students can learn something useful from these highly qualified teachers. This provides them individual attention and also clarification of doubts while computing could be done immediately without interference from any other student, which is not possible in a classroom set up. This session will give them two advantage one, improving their costing skills and second, homework help. Both of these are important for students. Tutors services are well highly qualified and these teachers can solve the problems from easy to difficult one. Teachers are available anytime for help. Their main aim is to improve knowledge for students and help them to improve their grades.
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