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Applied Aspects of Material Costs Accounting and Their Impact on Volatile Oil Produce Cost

Author

Listed:
  • Olena Sorokina

    () (Crimean Economic Institute of the Main Institution of Higher Education 'Kyiv National Economic University named after Vadym Hetman')

Abstract

Rational use of material resources is one of the main ways to reduce production cost since the share of material costs in various industries production cost ranges from 50 to 90 %.The article covers the research into the applied aspects of accounting material costs for volatile oil products manufacture. The purpose of the study is the development of recommendations for improvement of material cost accounting and calculation of volatile oil products cost. The author has offered a list of volatile-oil businesses costs and analyzed classification in groups; the value of material costs in volatile-oil production cost has been identified. Factors influencing the formation of production cost at volatile-oil factories have been considered. Ways for reducing materials capacity of volatile-oil production have been proposed. Recommendations on direct material costs accounting have been given as to the specification of the first and second order accounts. Ways for volatile-oil production cost formation proposed in the article will enable improvement of accounting material costs in terms of formation of accounting policy and working chart of accounts.

Suggested Citation

  • Olena Sorokina, 2014. "Applied Aspects of Material Costs Accounting and Their Impact on Volatile Oil Produce Cost," Accounting and Finance, Institute of Accounting and Finance, issue 1, pages 36-43, March.
  • Handle: RePEc:iaf:journl:y:2014:i:1:p:36-43
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    File URL: http://www.afj.org.ua/pdf/142-prikladni-aspekti-obliku-materialnih-zatrat-i-ih-vpliv-na-virobnichu-sobivartist-efirooliynoi-produkcii.pdf
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    File URL: http://www.afj.org.ua/en/article/142/
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    More about this item

    Keywords

    material costs; volatile-oil production cost; volatile oil raw; materials capacity; biological assets;

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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