The Principles of Cost Accounting as Applied to Machine Shops - Hardcover

James Charles Lund

9780332718552: The Principles of Cost Accounting as Applied to Machine Shops

Hardcover

ISBN 10: 0332718557 ISBN 13: 9780332718552

Publisher: Forgotten Books, 2024

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This book delves into the critical world of cost accounting as it was practiced in the early 20th century, specifically within the context of machine shops. The author meticulously dissects the various systems of management prevalent in the era, comparing and contrasting the military, functional, and departmental systems. The book emphasizes the importance of accurate cost-keeping for manufacturers, highlighting the potential for hidden inefficiencies and waste in production. The author then dives into the details of cost accounting, exploring both direct and indirect costs. He meticulously examines the calculation of raw material costs, including purchase price, transportation, storage, insurance, and interest. He also explores various methods of labor compensation, including day work plans, piece work plans, and gain-sharing schemes. The book then delves into the distribution of overhead expenses, providing a detailed breakdown of different methods used to fairly assign these indirect costs to specific products. The author�€™s careful analysis of cost accounting techniques offers a unique historical lens into the challenges faced by manufacturers in the early 20th century, providing valuable insights into the evolution of industrial management practices and the growing importance of precise cost tracking in a competitive marketplace.

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