Cost Accounting

Cost Accounting

Cost Accounting was basically a 20th-century creation, to make up the deficiencies of financial accounts. Cost accounting accounts for the costs of a product, a service or an operation. It is concerned with the actual costs incurred and the estimation of future costs. Cost accounting is a procedure whereby costs Read more…

By Anagha Sanil, ago
Cost Accounting

Contract Costing

  Contract costing is one of the variations of specific order costing. It is employed to ascertain cost and profit of did vidum contracts undertaken. A ‘contract’ is the cost unit. It is similar to job costing but they differ basically in the aspects of size and duration. The method Read more…

By Anagha Sanil, ago
Cost Accounting

Financial Accounting VS Cost Accounting

The major differences between Financial Accounting & Cost Accounting are the following Financial accounting  Cost accounting  1.Objective  Prepare profit and loss A/c & balance sheet report the owners and outsiders  Provide cost information to the management for decision making 2. Legal requirement Financial records are maintained as per the requirement Read more…

By Vishnu S Manoj, ago