COST ACCOUNTING
COST ACCOUNTING INTRODUCTION: Accounting is process of identifying, measuring, recording, summarizing, analyzing and interpreting financial information for the purpose of various decision making related to business Branches of Accounting: FINANCIAL ACCOUNTING COST ACCOUNTING and MANAGEMENT ACCOUNTING DUE TO THE VARIOUS LIMITATIONS OF FINANCIAL ACCOUNTING, THERE IS RISE OF CONCEPT OF COST ACCOUNTING. Meaning: Cost means the Expenditure incurred for producing a product or for providing a service. Cost Accounting refers to the process of accounting for cost, which means recording of income and expenditure on the bases on which they are calculated. For the purpose of preparing periodical statements and reports for determining and controlling costs. Cost Unit means the Unit of production, service or time or combination of these, in relation to which costs may be ascertained or expressed. Cost Center means a location, a person, an item of eq...