Cost Accounting

toll Accounting : An Introduction mental faculty - 6B Elementary Cost Accounting 27 follow ACCOUNTING : AN INTRODUCTION After passing your senior secondary examination, if you zeal up a small manufacturing unit, say manufacturing of packing cuffes, a problem will arise what equipment casualty of each box you should quote to the buyer. Many factors are considered while fixing the value of a product/item such as competitors price etc. One of the basic factors is the equal of its production. Cost is infixed not only to fix price but in addition to ascertain the margin of profit. Knowledge of the monetary value determination is in addition necessary to keep a check on the court of product/control on wastages, etc. The accounting use to study the various aspects of make up is known as cost accounting. In this lesson, you will learn most meaning, importance, limitations etc. of cost accounting. Notes OBJECTIVES After studying this lesson, you will be able to: demesne the meaning and scope of cost accounting; explain the objectives of cost accounting; differentiate between cost accounting and pecuniary accounting; state importance of cost accounting; explain limitations of cost accounting. 27.1 MEANING AND SCOPE OF COST ACCOUNTING Cost accounting is the process of determining and accumulating the cost of product or activity.

It is a process of accounting for the incurrence and the control of cost. It also covers classification, analysis, and edition of cost. In other words, it is a system of accounting, which provides the information about the ascertainment, and control of costs of products, or services. It measures the operating efficiency of the enterprise. It is an ACCOUNTANCY 95 MODULE - 6B Elementary Cost Accounting Cost Accounting : An Introduction inhering aspect of the organisation. Cost Accounting is accounting for cost aimed at providing cost data, statement and reports for the purpose of managerial decision making. The ground of Cost and Management Accounting, London... If you want to get a replete essay, order it on our website: Orderessay

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