Start learning 50% faster. Sign in now
Costing is the process and technique o ascertaining costs. Cost accounting is the process of accounting for cost which begins with the recording of income and expenditure or the bases on which they are calculated and ends with the preparation of periodical statements and reports for ascertaining and controlling costs. The scope of cost accounting includes: · Costing – process of ascertaining costs · Cost accounting – accounting and recording and reporting of costs · Cost analysis – finding factors responsible for variances in actual and budgeted costs · Cost comparisons – cost comparisons from alternative courses of action/different products, etc. · Cost control – detailed examination of each cost to understand its advantage and scope for reduction · Cost reports – to prepare ost reports for management decision making · Statutory compliances – maintaining cost records as per requirement of Companies Act 2013. Kindly note – cost reduction indirectly falls under the scope of cost accounting under the cost control. Cost reduction is an objective of cost accounting that aims at a more real and permanent reduction in the unit cost of goods/service without impairing their suitability for intended use. However, from the given options, this one is the closest to be eliminated.
Which of the following committee was formed to assess the functioning of the Indian Monetary System (1985)?
In the FIM Bajaj World Cup in the Women’s category at the end of the final round of the championship, at Varpalota, Hungary, who was the female winn...
Tugela Falls, noted for its scenic beauty, is located in which country?
To be granted Maharatna status, a company's average annual turnover over the last 3 years must exceed ________.
How many hectares of degraded land will be rehabilitated under the 56 new watershed development projects?
Renowned personality Supriya Devi recently passed away, she was related to the field of:
In which location did Narayana Guru establish a Sanskrit school?
The term ‘BIMSTEC’ stands for-
What is a Red Data Book (also called as a Red List)?
Which of the following in incorrectly matched