PPT - Introduction to Cost Accounting B Com Notes | EduRev

Cost Accounting

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B Com : PPT - Introduction to Cost Accounting B Com Notes | EduRev

 Page 1


COST ACCOUNTING
Page 2


COST ACCOUNTING
? Meaning
? Definition
? Elements
? Objectives
? Importance
? Advantages
? Disadvantages
COST ACCOUNTING
Page 3


COST ACCOUNTING
? Meaning
? Definition
? Elements
? Objectives
? Importance
? Advantages
? Disadvantages
COST ACCOUNTING
MEANING OF COST ACCOUNTING
Cost accounting is the process of collecting information 
about the costs incurred by a company's activities, assigning 
selected costs to products and services and other cost 
objects, and evaluating the efficiency of cost usage. Cost 
accounting is mostly concerned with developing an 
understanding of where a company earns and loses money, 
and providing input into decisions to generate profits in the 
future.
Page 4


COST ACCOUNTING
? Meaning
? Definition
? Elements
? Objectives
? Importance
? Advantages
? Disadvantages
COST ACCOUNTING
MEANING OF COST ACCOUNTING
Cost accounting is the process of collecting information 
about the costs incurred by a company's activities, assigning 
selected costs to products and services and other cost 
objects, and evaluating the efficiency of cost usage. Cost 
accounting is mostly concerned with developing an 
understanding of where a company earns and loses money, 
and providing input into decisions to generate profits in the 
future.
• The Institute of Cost and Management Accountants 
(ICMA) London has defined costing as the ascertainment of 
costs. This includes the techniques and processes of 
ascertaining costs.
• The Institute of Cost and Works Accountants of the U.K. 
has defined cost accountancy as the “application of costing 
and cost accounting principles, methods and technique to 
the science, art and practice of cost control and 
ascertainment of profitability as well as presentation of 
information for the purpose of managerial decision-
making.”
DEFINITION OF COST ACCOUNTING
Page 5


COST ACCOUNTING
? Meaning
? Definition
? Elements
? Objectives
? Importance
? Advantages
? Disadvantages
COST ACCOUNTING
MEANING OF COST ACCOUNTING
Cost accounting is the process of collecting information 
about the costs incurred by a company's activities, assigning 
selected costs to products and services and other cost 
objects, and evaluating the efficiency of cost usage. Cost 
accounting is mostly concerned with developing an 
understanding of where a company earns and loses money, 
and providing input into decisions to generate profits in the 
future.
• The Institute of Cost and Management Accountants 
(ICMA) London has defined costing as the ascertainment of 
costs. This includes the techniques and processes of 
ascertaining costs.
• The Institute of Cost and Works Accountants of the U.K. 
has defined cost accountancy as the “application of costing 
and cost accounting principles, methods and technique to 
the science, art and practice of cost control and 
ascertainment of profitability as well as presentation of 
information for the purpose of managerial decision-
making.”
DEFINITION OF COST ACCOUNTING
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