B Com Exam > B Com Videos > Cost Accounting > Accounting & Analytical Costs - Introduction to Cost Accounting, Cost Accounting
Accounting & Analytical Costs - Introduction to Cost Accounting, Cost Accounting Video Lecture | Cost Accounting - B Com
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106 videos|173 docs|18 tests
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FAQs on Accounting & Analytical Costs - Introduction to Cost Accounting, Cost Accounting Video Lecture - Cost Accounting - B Com
| 1. What is cost accounting? |  |
Ans. Cost accounting is a branch of accounting that focuses on the identification, recording, and analysis of costs associated with producing goods or services. It provides valuable information to management for decision-making and cost control purposes.
| 2. What is the purpose of cost accounting? | |
Ans. The purpose of cost accounting is to determine the cost of production, analyze the cost behavior, allocate costs to products or services, and provide information for managerial decision-making, such as pricing, budgeting, and performance evaluation.
| 3. What are analytical costs in cost accounting? | |
Ans. Analytical costs in cost accounting refer to the costs incurred for analyzing and evaluating the financial and operational data of a business. These costs include the salaries of cost accountants, the cost of computer software and hardware used for analysis, and any other expenses directly related to analytical activities.
| 4. How does cost accounting help in cost control? | |
Ans. Cost accounting helps in cost control by providing detailed information about the costs associated with various activities, departments, or products. By analyzing this information, management can identify areas of excessive costs, inefficiencies, or wastage and take appropriate measures to reduce or eliminate them.
| 5. What is the significance of cost accounting in decision-making? | |
Ans. Cost accounting plays a crucial role in decision-making by providing relevant cost information for evaluating different alternatives. It helps in determining the profitability of a product or service, assessing the feasibility of new projects, setting prices, and making informed decisions regarding resource allocation and cost reduction strategies.
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