Question

Meaning and definition of cost accounting

Answer 1

Cost accounting is the process of recording, classifying, analyzing, summarizing, allocating various alternative courses of action for the control of 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. It includes the ascertainment of the cost of every order, job, contract, process, service or unit as may be appropriate