We analyze a systematic algorithm for the exact computation of the current cumulants in stochastic nonequilibrium systems, recently discussed in the framework of full counting statistics for mesoscopic systems. This method is based on identifying the current cumulants from a Rayleigh-Schrödinger perturbation expansion for the generating function. Here it is derived from a simple path-distribution identity and extended to the joint statistics of multiple currents. For a possible thermodynamical interpretation, we compare this approach to a generalized Onsager-Machlup formalism. We present calculations for a boundary driven Kawasaki dynamics on a one-dimensional chain, both for attractive and repulsive particle interactions.