Cost accounting definition class 11

  • Cost accounting basics

    Cost accounting is referred to as a form of managerial accounting that is used by businesses to classify, summarize and analyse the different costs with the purpose of cost control and cost reduction and thereby helping management in making better decisions..

  • What is cost in economics class 11?

    Cost is the total expenditure incurred in producing a commodity.
    In economics, it is sum of total of actual expenditure incurred on inputs (i. e. explicit cost) and the imputed valued of inputs supplied by the owners (i. e. implicit cost)..

Cost Accounting is that branch of accounting which is concerned with the process of ascertaining and controlling the cost of products or services.
It is a process via which we determine the costs of goods and services. It involves the recording, classification, allocation of various expenditures, and creating financial statements. This data is generally used in financial accounting.

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