Cost | Costing | Cost Accounting | Cost
Accountancy
Cost: The term ‘cost’ has to be studied in relation to its purpose and
conditions. As per the definition by Institute of Cost and Management
Accountants(ICMA) now known Chartered Institute of Management Accountants(CIMA)
Londn ‘Cost’ is the amount of actual expenditure incurred on a given thing.
Costing: The ICMA London has defined costing as the ascertainment of costs. ”It
refers to the techniques and processes of ascertaining costs and studies the
principles and rules concerning the determination of cost of product and
services”
Cost Accounting: It is the method of accounting for cost. The process of
recording and accounting for all the element of cost is called cost accounting.
Cost Accountancy: It is an aid to Management for decision making .ICMA has
defined cost accountancy is “The application of costing and cost accounting
principles, methods and techniques to 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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