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Accounting For Managers - Cost Estimation And Control-Cost Accounting

Meaning Of Cost Accounting

   Posted On :  03.05.2018 10:44 pm

Cost accounting developed as an advanced phase of accounting science and is trying to make up the deficiencies of financial accounts.

Meaning Of Cost Accounting
 
 
Cost accounting developed as an advanced phase of accounting science and is trying to make up the deficiencies of financial accounts. It is essentially a creation of the twentieth century. Cost accounting accounts for the costs of a product, a service or an operation. It is concerned with actual costs incurred and the estimation of future costs. Cost accounting is a conscious and rational procedure used by accountants for accumulating costs and relating such costs to specific products or departments for effective management action. Cost accounting through its marginal costing technique helps the management in profit planning and through its another technique i.e. Standard costing facilitates cost control. In short, cost accounting is a management information system which analyses past, present and future data to provide the basis for managerial decision making.
 

 

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