COST ACCOUNTING

Cost Accounting - Its Objectives - Its Importance - Its Advantages - Valuation of Stocks - Methods of Costing - Techniques of Costing – Cost Classification - Types of Cost Introduction and Definition: Cost: The Terminology of Management Accounting (CIMA) has defined cost as the amount of expenditure (actual or notional) incurred on, or attributable to, a specified thing or activity. Cost is the amount of expenditure incurred on a specified thing or activity. Costing means classifying, recording and appropriate allocation of expenditure for the determination of the costs of goods or services and presentation of suitably arranged data for the purposes of control and guidance of the management. Costing is tracing the cost to the user point.