Cost Accounting Study Material Pdf
Download Cost Accounting Study Material Pdf book free online – from Cost Accounting Study Material Pdf book; This note covers the following topics: Fundamentals Of Cost, Its Elements And Classification, Methods, Techniques And Systems Of Costing, Meaning Of Material, Material Control, Valuation Of Materials, Meaning Of Direct Labour, Labour Remuneration, Incentive Plans According To Various Wage Methods, Labour Turnover And Direct Expenses, Classification
Cost Accounting is usually considered as the next step to costing. It involves meticulously accurate analyzing, standardising, forecasting and comparing relevant costing data so as to interpret and report various concern areas to management. Its scope includes preparation of budgets, determination of standard costs based on technical estimates, identifying variances and reasons thereof, etc.
Cost can also be considered as monetary valuation of effort, risk involved, opportunity forgone in production and delivery of a good or service and most importantly, resources like time, material and utilities. It is also imperative to remember that all expenses are costs, but not all costs, especially the ones incurred in acquisition of an income-generating asset, are expenses.
Financial Accounting and Cost Accounting rest on the same basic principles and use the same records, but each deals with matters specially pertaining to itself. Financial Accounting discloses the profit/loss of business as a whole during a particular period while cost accounting makes available the unit costs and profits and/or losses of different product lines.