Question

Differentiate between cost ascertainment and cost estimation

Answer 1

Explanation:

Cost ascertainment is the process of determining costs on the basis of actual data. Hence, the computation of historical cost is cost ascertainment while the computation of future costs is cost estimation. Both cost estimation and cost ascertainment are interrelated and are of immense use to the management.

Answer 2

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Question

Differentiate between cost ascertainment and cost estimation??

Answer

Cost ascertainment is the process of determining costs on the basis of actual data. Hence, the computation of historical cost is cost ascertainment while the computation of future costs is cost estimation.

explanation

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