In this article we will discuss about:- 1. Meaning and Terminology of Cost Accounting 2. Objectives of Cost Accounting 3. Limitations of Cost Accounting. Meaning and Terminology of Cost Accounting: Cost: 'Cost' may be defined as: (i) The amount of expenditure (actual or notional) incurred on or attributable to a given thing; or (ii) To ascertain the cost of a [...]
In this article we will discuss about the meaning and types of cost centres. Meaning of Cost Centre: Cost Centre: CIMA defines Cost Centre as "a production or service, function, activity or item of equipment whose costs may be attributed to cost units. A cost centre is the smallest organizational sub-unit for which separate cost allocation is attempted." Cost Centre [...]
In this article we will discuss about:- 1. Meaning of Management Audit 2. Objective of Management Audit 3. Scope 4. Weaknesses. Meaning of Management Audit: "Management audit can be defined as an objective and independent appraisal of the effectiveness of managers and the effectiveness of the corporate structure in the achievement of company objectives and policies. Its aim is to [...]