show the classification of cost, analysis of expenditure and statistical data of it. also show the data of the strategies, techniques and methods and their output in the company in last 4 years. mention the importance of that method by taking example of different companies.
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Thus, cost accounting has the following features:
1. It is a process of accounting for costs.
2. It records income and expenditure relating to production of goods and services.
3. It provides statistical data on the basis of which future estimates are prepared and quotations are submitted.
4. It is concerned with cost ascertainment, cost control and cost reduction.
5. It establishes budgets and standards so that actual cost may be compared to find out deviations or variances
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