Everything you need to know about cost accounting. Cost Accounting is a branch of accounting, which deals with the accumulation, classification, analysis, recording, allocation, summarization, interpretation, reporting, and control of current and prospective cost. It also includes determination of forecasted future cost and standard cost of products, services, activities, functions, responsibilities etc. Learn about:- 1. Evolution of Cost Accounting 2. [...]
Everything you need to know about the advantages of cost accounting. Cost accounting provides tremendous help to a business in its routine and non-routine decisions. The primary advantage of cost accounting, of course, is that it shows precisely where costs are incurred, giving a realistic basis for cost-cutting. It enables management to attribute cost to those units responsible for incurring [...]
Difference between financial accounting and cost accounting! Financial accounting is concerned with recording, classifying and summarizing financial transactions pertaining to an accounting period. The basic objective is to provide a commentary to the shareholders and outside parties on the financial status of an enterprise in the form of a profit and loss account and balance sheet. Cost accounting, on the [...]