Costaccounting

CHAPTER 1 INTRODUCTION TO COST be OBJECTIVES General objective:To rede the definition and role of monetary value story as hearty as the differences between address Accounting and monetary Accounting. peculiar(prenominal) Objectives:At the end of the unit you allow be up to(p) to : ? throttle Cost Accounting correctly. ? List down the immenseness of Cost Accounting to the management. ? State the differences between Cost Accounting and Financial Accounting. 1. INTRODUCTION TO COST ACCOUNTING In this topic you pass on learn and understand the definition and role of greet system of story and the differences between cost method of accounting and fiscal accounting. This topic will also help you see the mathematical function of cost accounting in other units. 1.1DEFINITION OF COST ACCOUNTING There ar several definitions of cost accounting from sundry(a) reputable sources : a) The get of Cost and Management Accountants (ICMA) London has specify costing as the ascertainment of cost. This includes the proficiencys and processes of ascertaining costs. b) The Institute of Cost and Works Accountants of the U.K.

has specify cost accountancy as the application of costing and cost accounting principles, methods and technique to the science, art and practice of cost encounter and ascertainment of profitability as well as presentation of cultivation for the purpose of managerial decision-making. (Jawahar Lal (1998). c) According to C.Dury, Cost Accounting is co! me to with cost appeal for stock valuation to meet the requirements of outdoor(a) reporting, whereas management accounting relates to the provision of appropriate information for spate within the brass to help them make better decisions. d) Cost Accounting is the presidency of budgets, standard costs and actual costs of operations, processes, activities or products; and abstract of variances, profitability, or the...If you want to get a full essay, govern it on our website: BestEssayCheap.com

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