Sunday, August 17, 2008

costing ,cost accounting and cost accountancy

Q:- What is the Definition of costing ?
Ans. :- Costing as the technique and process of ascertaining of costs .

Q:- What is cost accounting and cost accountancy ?

Ans :- Cost accounting is defined as the process of accounting for which 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 .

Cost accountancy

Cost accountancy has been defined as the application of costing and cost accounting principles, methods, and techniques to the science, art and practice of cost control and the ascertainment of profitability. It includes the presentation of information derived there from for the purpose of managerial decision making.

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