Cost accounting is the process of determining and accumulating the cost of product or activity. Introduction and Classification of Cost Concept of Cost. It also covers classification, analysis, and interpretation of cost. INTRODUCTION. 1- Cost accounting and the role of cost accountant in assisting managers in planning, controlling & decision making. It is a process of accounting for the incurrence and the control of cost. Title: Introduction to Cost Accounting 1 Cost Accounting Foundations and Evolutions Kinney, Prather, Raiborn . It includes the presentation of information derived there from for the purpose of Managerial Decision Making. Here we detail about the meaning, objectives, principles, objections against and evolution and development of cost accounting. That is the general meaning of cost. 2/18 Ana Mª Arias Alvarez(Universityof Oviedo) Introduction to CostAccounting OpenCourseWare 1.1. 2 Cost and management accounting Provides management with costs for products, inventories, operations or functions and compares actual to predetermined data It also provides a variety of data for many day-to-day decision as well as essential information for long-range decisions But, in Cost accounting, it is considered to be different from price. Cost computation: It is the source of all other functions of cost accounting as we can calculate the cost of sales per unit for a particular product. 1.2. 1 Costing Principles 2. 5- Functions & advantages of cost accounting. It is the application of Costing and Cost Accounting Principles, Methods and Techniques to the science, art and practice of Cost Control and the ascertainment of profitability. Cost Accounting as a source of information for internalparties within the organization. Cost means price; the price that is paid for something. Costs and cost terminology. 3- Differences between cost accounting & financial accounting. 4- Difference between cost, expense & loss. In cost accounting, the amount of resources that is given up in exchange for some goods or services is known as cost. Classificationsof costs. Meaning: Cost accounting is the classifying, recording and appropriate allocation of expenditure for the determination of the costs of products or services, and for the presentation of suitably arranged data for purposes of control and guidance of management. 2- The need for cost accounting. Cost reduction: Cost computation helps the company reduce costs on projects and processes. Reduction in costs means … PARAMJIT SHARMA COST ACCOUNTING- introduction Fundamentals 1.3. Introduction to cost accounting 1.
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