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28 lis 2008 · The main emphasis in cost accounting is on cost control and cost determination. Whereas the management accounting uses the principles and practices of financial accounting and...
1. Introduction to Cost and Management Accounting • Cost Accounting: Evolution, Meaning, Objectives and Scope • Concepts of Costs , Classifications and Elements of Cost • Cost Centre and Cost Unit • Methods and Techniques of Costing • Cost Accounting Standards • Installation of a Costing System
Cost Accounting is the process of accounting for cost which begins with recording of income and expenditure and ends with the preparation of statistical data. It is the formal mechanism by means of which cost of products or services are ascertained and controlled.
Information on the cost of carrying out a particular endeavor is used for essentially three purposes: pricing decisions, profi tability assessments, and comparative analyses. Most managers use cost information for one or all of these purposes at different times and under varying decision - making scenarios. Pricing Decisions.
Cost Accounting provides analysis and classification of expenditure as will enable the total cost of any particular unit of product / service to be ascertained with reasonable degree of accuracy and at the same time to disclose exactly how such total cost is constituted.
Cost accounting is "the process of accounting for cost from the point at which money is paid or committed to the establishment of its ultimate relationship with cost centres and cost units," according to the Chartered Institute of Management Accountants in England (CIMA).
Demonstrate how to use cost accounting in the development of new products. Describe how transfer pricing works, and the impact of using different transfer pricing methods. Explain how direct costing can be used as an analysis tool.
