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Cost Accounting

Cost Accounting

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Published by Amar Ram
for cost accounting
for cost accounting

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Published by: Amar Ram on Feb 09, 2011
Copyright:Attribution Non-commercial

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11/04/2011

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COST ACCOUNTINGCOST ACCOUNTING
 
¶Cost· is a loss of resources for achieving certainobjectives or benefits/ advantages.
¶Cost· is the amount of expense (actual ornotional) incurred or attributable to a specifiedarticle product or activity.
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¶Cost· is always related to a particular object, i.e. difficultto assess any cost in isolation. E.g. ²cost of 1 apple,ticket cost, exam fees etc.
 
¶Costing· is the technique and process of cost¶Costing· is the technique and process of costascertainment.ascertainment.
¶Cost Accounting· is the collection and¶Cost Accounting· is the collection andrecording of costs and preparation of recording of costs and preparation of periodical reports.periodical reports.
¶Cost Accountancy· is the application of ¶Cost Accountancy· is the application of costing and cost accounting principles,costing and cost accounting principles,methods and techniques for the purpose of methods and techniques for the purpose of managerial decision making.managerial decision making.
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