Introduction to Cost Accounting
According to the comparison to the financial accounting, the focus of cost accounting is dissimilar. In the current days of cut throat competition, any business organization must be pay attention in the direction of their cost of production.
Calculation of cost on scientific basis and after that cost control and cost reduction has become of paramount significance. Therefore it has become necessary to study the basic principles and concepts of cost accounting.
Cost: - Cost can be described as the expenditure (actual or notional) acquired on or attributable to a specified thing. It can also be defined as the resources which have been sacrificed or must be sacrificed to get a specific objective. Other words, cost is the amount of resources employed for something that must be measured in terms of money. For instance - Cost of preparing one cup of tea is the amount acquired on the elements such as labor, material, and other expenses; likewise cost of offering any services such as banking is the amount of expenditure for offering those services.
So cost of production or cost of service can be computed through determining the resources employed for the production or services.
Costing: - Costing might be described as 'the technique and process of ascertaining costs'. As per to the Wheldon, 'Costing is recording, classifying, allocation and appropriation of expenses for the determination of cost of products or services and for the presentation of properly arranged data for the reason of control and guidance of management. It involves the ascertainment of every order, process, service units, job, and contract, as might be suitable. It deals along with the cost of production, selling and distribution. If we consider the above definitions, it will be understood that costing is generally the technique of determining the costs. As described above, for each business organization, determining of costs is must and for this reason a scientific procedure should be followed. 'Costing' is exactly this procedure that assists them to find out the costs of products or services.
Cost Accounting: - Cost Accounting basically deals with collection, analysis of applicable of cost data for interpretation and presentation for several troubles of management. Cost accounting accounts for the cost of service, products, or an operation. It is described as, 'the establishment of budgets, standard costs and actual costs of operations, profitability, activities or products and the analysis of variances, processes, or the social use of funds'.
Cost Accountancy: - Cost Accountancy is a very extensively used term and is described as, 'the application of costing and cost accounting principles, techniques and methods to the science and art and practice of cost control and the ascertainment of profitability and presentation of detail for the reason of managerial decision making.' the following points will emerge, If we analyze the above definition,
A. Cost accounting is generally application of the costing and cost accounting principles.
B. This application is with particular reason and that is for the reason of cost control, ascertainment of profitability and also for arrangement of information to ease decision making.
C. Cost accounting is a combination of science and art, it is a science because it has well described rules and regulations, it is an art because application of any science needs art and it is a practice because it has to be applied on continuous basis and is not a onetime exercise.
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