Explain Cost Accounting

Give a brief introduction of the term ‘Cost Accounting’. And also write down the objectives?




Cost Accounting is the procedure of recording and classifying of expenses incurred throughout the operations of the organization in an orderly way, in order to determine the cost of a cost center with the intention to control the cost.

The essential three objectives of Cost Accounting are illustrated below:

i) Ascertainment of Profitability and Cost
ii) Cost Control
iii) Presentation of information for managerial decision making.

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