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Question

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 is known as _________

A Costing Correct Answer Incorrect Answer
B Cost accounting Correct Answer Incorrect Answer
C Marginal Costing Correct Answer Incorrect Answer
D Management accounting Correct Answer Incorrect Answer
E Financial Accounting Correct Answer Incorrect Answer

Solution

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.

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