Difference between cost accounting and costing in hindi
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The costs involved in manufacturing might include the raw materials used in making the product. The amount of cost it takes to produce a product can have a direct impact on both the price of the product and the profit earned from its sale. ... The difference between the price paid and the costs incurred is the profit.
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Costing
‘Cost’ is a term whereas ‘Costing’ is a process for determining the cost. It may be called a technique for ascertaining the cost of production of any product or service in the business organization. The real scope of this term can best be understood in the context of big manufacturing concerns who produce hundreds of products and spend a lot of money on material, labor, and other overheads. The cost of each product in those organizations requires recording expenses with to each product or process, classifying expenses like direct material, labor, overheads etc., allocating direct expenses and suitable apportionment of overheads to each product for most correct determination of per unit cost of production of each product.
Cost Accounting
This term is of utmost importance for the top management of any business. Cost Accounting is basically the next step to costing. Cost accounting involves analyzing relevant costing data, interpret it and present various management problems to management. The scope of cost accounting involves the preparation of various budgets for an organization, determining standard costs based on technical estimates, finding and comparing with actual costs, ascertaining the reasons of by variance analysis etc.
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‘Cost’ is a term whereas ‘Costing’ is a process for determining the cost. It may be called a technique for ascertaining the cost of production of any product or service in the business organization. The real scope of this term can best be understood in the context of big manufacturing concerns who produce hundreds of products and spend a lot of money on material, labor, and other overheads. The cost of each product in those organizations requires recording expenses with to each product or process, classifying expenses like direct material, labor, overheads etc., allocating direct expenses and suitable apportionment of overheads to each product for most correct determination of per unit cost of production of each product.
Cost Accounting
This term is of utmost importance for the top management of any business. Cost Accounting is basically the next step to costing. Cost accounting involves analyzing relevant costing data, interpret it and present various management problems to management. The scope of cost accounting involves the preparation of various budgets for an organization, determining standard costs based on technical estimates, finding and comparing with actual costs, ascertaining the reasons of by variance analysis etc.
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