Cost Accounting
“The process of accounting for cost from the point at which expenditure is incurred or committed to the establishment of its ultimate relationship with cost centres and cost units. In its widest usage it embraces the preparation of statistical data, the application of cost control methods and the ascertainment of the profitability of activities carried out or planned” Cost accounting means such as analysis of accounting and other information as to enable management to know the cost involved in each activity together with its significant constituent elements in order to arrive at proper decisions. Cost accounting provides management with cost data relating to products, processes, jobs and different operations in order to control the costs and maximize the earnings. It play a vital role in all the business activities.
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