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Cost Accounting, Scope of Cost Accounting, Importance of Cost Accounting -…
Cost Accounting
Costs
Resources sacrificed to obtain something
Costing
Process of ascertaining costs
Cost Accounting
Systematic record.
Cost Accountancy
Process of accounting for costs
Scope of Cost Accounting
Cost Report
Cost Audit
Cost Ascertainment
Cost Accounting
Cost Control
Cost Report
Importance of Cost Accounting
Management
Aids in price fixation.
Employees
Increase in quality of consumer goods
Creditors
Provides accurate estimates about the profit ability and future prospects of the
company
Economy
Facilitates control of costs, elimination of wastages and reduction of inefficiencies,
thus, leading to the progress of the business, industry and the nation as a whole.