Cost Accounting is concerned with the systematic and prompt recording and analysis of finance, material, labor and expense, and with the interpretation of this information to disclose the cost of particular services and products and to reveal any inefficiencies in the conduct of operations.
Tools of Cost accounting:-
Standard Costing
Marginal Costing
Job Costing
Process Costing
Objecives:-
To ascertain cost of services or product.
To provide information for planning and control.
To assist the management.
To present comparative cost data for different periods.
Compute and interpret common variances.
Identify the role of budgets
Recognize the behavioral effects.
Tools of Cost accounting:-
Standard Costing
Marginal Costing
Job Costing
Process Costing
Objecives:-
To ascertain cost of services or product.
To provide information for planning and control.
To assist the management.
To present comparative cost data for different periods.
Compute and interpret common variances.
Identify the role of budgets
Recognize the behavioral effects.