Cost Accounting Solved Problems

Cost Accounting Solved Problems-27
Manufacturing, on the other hand, was usually less concerned with bookkeeping.With the different materials coming in and products going out, tools needed, and time used, it would have been difficult to keep track of it all.How much does it get you to be in the market 7 days earlier?

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The more even your system works, the more profitable you will be.

However, it is difficult to measure these fluctuations, even more difficult to determine the impact of an improvement on fluctuations, and hence nearly impossible to calculate the monetary benefit of reducing fluctuations.

Historic manufacturers probably used more of a gut-feeling approach and experience to set their prices.

Besides, their goal was often not profit maximization, but merely to have a good life.

Even if the numbers were correct (see Lies, Damned Lies, and KPI), it misses out on a lot of information.

Cost Accounting Solved Problems

A lot of things cannot be reliably determined using accounting.

As Daniel Defoe observed: “With this attitude, it is no surprise that merchants became wealthier than craftsmen.

Soon, merchants started what we would nowadays call a vertical integration: they included craftsmen in their supply chains through a .

Merchants contracted craftsmen for creation of products.

They provided the craftsman with raw materials, and often also with the tools and even the workshop, and the craftsman labored for the merchant.

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