B Com Exam > B Com Videos > Cost Accounting > Cost Accounting & Financial Accounting - Introduction to Cost Accounting, Cost Accounting
Cost Accounting & Financial Accounting - Introduction to Cost Accounting, Cost Accounting Video Lecture | Cost Accounting - B Com
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FAQs on Cost Accounting & Financial Accounting - Introduction to Cost Accounting, Cost Accounting Video Lecture - Cost Accounting - B Com
| 1. What is the difference between cost accounting and financial accounting? |  |
Ans. Cost accounting focuses on analyzing and controlling costs within a company, while financial accounting is concerned with summarizing and reporting financial information to external parties.
| 2. What is the purpose of cost accounting? | |
Ans. The purpose of cost accounting is to provide management with relevant and accurate information about the costs of products, services, and activities within the organization. This information helps in decision-making, cost control, and performance evaluation.
| 3. What are the main components of cost accounting? | |
Ans. The main components of cost accounting include cost classification, cost accumulation, cost allocation, and cost analysis. Cost classification involves categorizing costs into different types such as direct costs, indirect costs, fixed costs, and variable costs. Cost accumulation refers to the process of collecting and recording cost data. Cost allocation involves assigning costs to specific products, services, or activities. Cost analysis involves analyzing and interpreting cost data to make informed decisions.
| 4. How does cost accounting help in controlling costs? | |
Ans. Cost accounting helps in controlling costs by providing information on the cost behavior of products, services, and activities. It helps identify cost drivers and understand cost variances. By analyzing this information, management can make informed decisions to reduce costs, improve efficiency, and increase profitability.
| 5. How does cost accounting contribute to performance evaluation? | |
Ans. Cost accounting contributes to performance evaluation by providing accurate and relevant cost data. It helps in measuring the profitability and efficiency of different products, services, or activities. By comparing actual costs with budgeted costs, management can assess performance, identify areas of improvement, and take corrective actions.
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