cost accounting

What Is Uniform Costing? Meaning, Objectives, Advantages, Limitations, Ultimate Scope

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Cost Meaning: Cost Accounting: Whelden defines Cost Accounting as, “Classifying, recording and appropriate allocation of expenditure for determination of costs of products or service and for the presentation of suitable arranged data for the purpose of control and guidance of management”. The Institute of Cost and Management Accountants (ICMA) defines cost accountancy as, “The application … Read more

What Is Cost Accounting? Meaning, Ultimate Objectives, Elements of Cost

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Cost Accounting is the process of accounting for costs from the point at which the expenditure is incurred or generated to the acertainment of its ultimate relationship with various cost centres and cost units. It is a system of accounting which is concerned with output of costs of doing a certain activity which can be manufacturing or rendering services.
Cost accounting is a formal system of accounting by means of which costs of various products or services, are ascertained and controlled.