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costing Theory
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CHAPTER 1 – BASIC COST CONCEPTS
Meaning of Cost:
Cost refers to any amount of expenditure incurred / attributable to any particular thing.
Costing: The method of ascertaining the cost and thereby controlling it is referred to as
costing.
Cost Accounting: The process of accounting for cost which begins with 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.
Question I:
State the objectives of Cost Accounting.
Objectives of Cost Accounting:
The primary objective of study of cost is to contribute to profitability through Cost Reduction
and Cost Control. The following objective of Cost Accounting can be identified.
1. Ascertainment of Cost: This in+
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by
ashu
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on
11/28/2009 4:36:46 AM
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