After studying this chapter you should be able to:
Understand the evolution and scope of cost accounting.
Explain the meaning of cost accounting.
State the objectives of cost accounting.
Know the significance of cost accounting.
Differentiate cost accounting from financial accounting.
Distinguish cost accounting from management accounting.
Understand the concepts of cost.
Classify cost concepts.
Explain the different elements of costs and their components.
Understand the meaning of cost unit and cost centre.
Recognize the items to be excluded from costs.
Appraise the installation of costing system.
Explain the different methods of costing.
Prepare a cost sheet.