Cost accounting is the science art and

  • Is cost accounting a science or an art?

    Science is an organised knowledge based on certain basic principles.
    Therefore, accounting is also a science as it is an organised knowledge based on certain principles..

  • Is cost accounting both art and science?

    Accounting is both an art as well as a science.
    Art is the technique of achieving some pre-determined objectives and accounting is also an art of recording, classifying and summarising financial transactions.
    Science is an organised knowledge based on certain basic principles..

  • What are the two objectives of cost accounting?

    Thus, the following are the main objectives of cost accounting: Ascertainment of the cost per unit of the different products that a business concern manufacturers.
    To correctly analyze the cost of both the process and operations..

  • Why cost accounting is considered a science?

    It is considered a science because it involves the systematic recording, reporting, and analysis of financial transactions and data, which is done according to established and standardized rules, laws, and principles..

  • Even though cost accounting is commonly called a costing method, the scope of cost accounting is far broader than mere cost.
    Costing methods determine costs, while cost accounting is an analysis of the different types of costs a company incurs.
Cost accounting is the branch of accounting which includes the presentation of information in such a way so that it helps in decision making.
Explanation: Cost accounting is a science, art and practice. It is a science because it is a body of systematic knowledge having certain principles. It is a art because it requires the ability and skill in the application of the principles of cost accountancy to various managerial problems.
Explanation: Cost accounting is a science, art and practice. It is a science because it is a body of systematic knowledge having certain principles. It is a art because it requires the ability and skill in the application of the principles of cost accountancy to various managerial problems.

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