IMPORTANCE OF COST ACCOUNTING

The limitations of financial accounting have made the management to realise the importance of cost accounting. Whatever may be the type of business, it involves expenditure on labour, materials and other items required for manufacturing and disposing of the product. Read More …

Share this:

OBJECTIVES OF COST ACCOUNTING

Cost accounting aims at systematic recording of expenses and analysis of the same so as to ascertain the cost of each product manufactured or service rendered by an organisation. Information regarding cost of each product or service would enable the Read More …

Share this:

EVOLUTION OF COST ACCOUNTING

The history of accounting is as old as civilization. It is the process of identifying, measuring, recording and communicating economic information, capable of being expressed in terms of money. The utility of accounting information lies in its ability to reduce Read More …

Share this:

CONCEPTS OF COST

Cost is the amount of resource given up in exchange for some goods or services. The resources given up are money or money’s equivalent expressed in monetary units. The Chartered Institute of Management Accountants, London defines cost as “the amount Read More …

Share this: