COST AND MANAGEMENT ACCOUNTING
COST ACCOUNTINGS
According to the ‘Institute of Cost and Management Accountants of England’, Cost Accounting is defined as the process of accounting for cost. This process begins with the recording of income and expenditure or the bases on which they are calculated and ends with the preparation of periodical statements and reports for the purpose of ascending and controlling costs.
1. Cost: Cost represents the amount of expenditure (actual or notional) incurred on or attributable to a given thing. It represents the resources that have been or must be sacrificed to attain a particular objective.
2. Pre-determined Cost: It is the cost which is computed in advance, before the production starts, on the basis of specification ...
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