Question

What do you understand by costing?How does it differ from financial accounting?

Answer 1

ʜᴇʏᴀ ᴜsᴇʀ!✨✨

Cost accounting is concerned with ascertaining cost of products ,operation process or activities .It is that branch of accounting which deals with recording cost with the objective of ascertaining, reducing and controlling cost .


Different from financial accounting:

Financial Accounting is confined to the preparation of financial statement ,the profit and loss account and the balance sheet ,for the user of accounting information .


Hope this helps u!