Category: COST ACCOUNTING

Explain Nature and Advantages of Cost Accounting – Best 10 points

May 16, 2023May 16, 2023 commerceiets No Comments

Nature and Advantages of Cost Accounting Cost Accounting is an art or process of recording, analyzing and classifying of expenditure for the purpose of product costing or service costing, ascertainment of profitability, operational planning and cost control. It is a forward-looking approach which is related to the recording, analyzing and classifying of expenditure with the…

COST ACCOUNTING

While Financial Accounting is external Cost Accounting is internal to the business – best explanation

May 12, 2023May 12, 2023 commerceiets No Comments

While Financial Accounting is external Cost Accounting is internal to the business. Discuss The distinction between financial accounting and cost accounting lies in their focus and audience. Financial accounting is primarily concerned with providing financial information to external stakeholders, such as investors, creditors, regulatory bodies, and the general public. On the other hand, cost accounting…

COST ACCOUNTING

COST ACCOUNTING IS AN INDISPENSABLE TOOL OF MODERN MANAGEMENT – BEST HIGHLIGHT OF THE STATEMENT

May 12, 2023May 12, 2023 commerceiets No Comments

COST ACCOUNTING IS AN INDISPENSABLE TOOL OF MODERN MANAGEMENT The statement “Cost accounting is an indispensable tool of modern management” highlights the importance of cost accounting in contemporary business operations. Cost accounting provides vital information and analysis that enables effective decision-making, resource allocation, and performance evaluation within an organization. Let’s discuss the nature and scope…

COST ACCOUNTING

MEANING AND SCOPE OF COST ACCOUNTANCY BEST NOTES

May 9, 2023May 12, 2023 commerceiets No Comments

MEANING AND SCOPE OF COST ACCOUNTANCY Cost accountancy is a specialized field of accounting that focuses on analyzing, managing, and reducing business costs. According to the Institute of Cost and Management Accountants London “Cost accountancy is the application of costing and cost accounting principles. Methods and techniques to the science, art and practice of cost…

COST ACCOUNTING

OBJECTIVES AND ADVANTAGES OF COST ACCOUNTING – DETAILED EXPLANATION

March 25, 2023February 10, 2025 commerceiets

OBJECTIVES AND ADVANTAGES OF COST ACCOUNTING COST ACCOUNTING Cost Accounting is an art or process of recording, analysing and classifying of expenditure for the purpose of product costing or service costing, ascertainment of profitability, operational planning and cost control. It is a forward-looking approach which is related to the recording, analysing and classifying of expenditure with the…

COST ACCOUNTING

10 ESSENTIALS OF A GOOD COSTING SYSTEM

March 24, 2023March 24, 2023 commerceiets No Comments

ESSENTIALS OF A GOOD COSTING SYSTEM A costing system is a set of procedures and techniques used by businesses to determine the cost of producing a product or providing a service. Costing systems are designed to capture all the costs associated with the production process, including direct materials, direct labor, and overhead costs, such as…

COST ACCOUNTING

WHY COST ACCOUNTING IS NECESSARY – BEST DETAILED EXPLANATION

March 24, 2023March 24, 2023 commerceiets No Comments

WHY COST ACCOUNTING IS NECESSARY ??? COST ACCOUNTING Cost Accounting is an art or process of recording, analysing and classifying of expenditure for the purpose of product costing or service costing, ascertainment of profitability, operational planning and cost control. It is a forward-looking approach which is related to the recording, analysing and classifying of expenditure…

COST ACCOUNTING

Difference between Financial Accounting Management Accounting and Cost accounting

January 23, 2022June 9, 2025 commerceiets

In this post you will study Difference between Financial Accounting Management Accounting and Cost accounting. Study and make the proper notes grabbing full understanding of this topic. MANAGEMENT ACCOUNTING Management Accounting is the Identification, Measurement, Accumulation, Analyses, Preparation, Interpretation and Communication of information that assists managers in fulfilling organizational objectives. Management accounting is all about…

FINANCIAL ACCOUNTING, COST ACCOUNTING, KEY DIFFERENCES, MANAGEMENT ACCOUNTING NOTES

Difference between Management Accounting and Cost Accounting

January 23, 2022 commerceiets No Comments

DIFFERENCE BETWEEN MANAGEMENT ACCOUNTING AND COST ACCOUNTING In this post you will study Difference between Management Accounting and Cost Accounting. Study and make the proper notes grabbing full understanding of this topic. MANAGEMENT ACCOUNTING Management Accounting is the Identification, Measurement, Accumulation, Analyses, Preparation, Interpretation and Communication of information that assists managers in fulfilling organizational objectives….

COST ACCOUNTING, KEY DIFFERENCES, MANAGEMENT ACCOUNTING NOTES

DIFFERENCE BETWEEN STANDARD COSTING AND BUDGETARY CONTROL

March 8, 2020 commerceiets No Comments

DIFFERENCE BETWEEN STANDARD COSTING AND BUDGETARY CONTROL The difference between standard costing and budgetary control is as follows: STANDARD COSTING Standard costing is a cost accounting technique which compares the results of actual production with the basic standard, as anticipated, in terms of costs so as to determine the reasons for discrepancies between the anticipated…

COST ACCOUNTING, KEY DIFFERENCES