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Nature & Scope of Cost Accounting, Cost Management Video Lecture | Cost Management - B Com
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FAQs on Nature & Scope of Cost Accounting, Cost Management Video Lecture - Cost Management - B Com
| 1. What is cost accounting? |  |
Ans. Cost accounting is a branch of accounting that focuses on the recording and analysis of costs incurred in the production of goods or services. It involves the classification, allocation, and management of costs to help businesses make informed decisions about pricing, budgeting, and cost control.
| 2. What is the scope of cost accounting? | |
Ans. The scope of cost accounting includes various activities such as cost estimation, cost analysis, cost control, cost reduction, and cost reporting. It also involves the preparation of cost reports, cost statements, and cost audit reports to provide management with relevant information for decision-making.
| 3. How does cost accounting contribute to cost management? | |
Ans. Cost accounting plays a crucial role in cost management by providing accurate and timely information about costs. It helps businesses identify cost drivers, understand cost behavior, and implement cost control measures. Cost accounting also facilitates cost reduction initiatives by identifying areas of inefficiency and suggesting cost-saving strategies.
| 4. What are the benefits of cost accounting for businesses? | |
Ans. Cost accounting provides several benefits to businesses, including:
- Better decision-making: Cost accounting helps managers make informed decisions by providing accurate cost information.
- Cost control: It enables businesses to monitor and control costs, ensuring they remain within budget.
- Pricing decisions: Cost accounting assists in setting appropriate prices for products or services by considering the cost components.
- Performance evaluation: It helps in evaluating the performance of different departments or units based on their cost efficiency.
- Cost reduction: Cost accounting identifies areas of cost inefficiency and suggests measures to reduce costs.
| 5. How does cost accounting differ from financial accounting? | |
Ans. Cost accounting and financial accounting differ in terms of their focus and objectives. While financial accounting focuses on the recording and reporting of financial transactions for external stakeholders, cost accounting focuses on analyzing and managing costs for internal decision-making purposes. Cost accounting provides detailed information about costs, whereas financial accounting focuses on providing a summary of financial performance through financial statements.
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Nov 22, 2024 Last updated |
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