COST, COSTING, COST ACCOUNTING, COST ACCOUNTANCY

COST, COSTING, COST ACCOUNTING, COST ACCOUNTANCY 

cost, costing, cost accounting, cost accountancy

Meaning and Definition

1. COST:- cost is the monetary value assigned to resources used for producing goods or services. it includes direct cost or indirect cost incurred in the production process.

Or 

Cost is the amount of resources given up in exchange for some goods are services.

2. COSTING:- Costing is the techniques and Process of ascertaining costs.

3. COST ACCOUNTING :- Cost accounting is the process of accounting for cost which begins with the recording of income and expenditure are the basis on which they are calculated and ends with the preparation of periodical statements and reports for training and controlling costs.

4. COST ACCOUNTANCY:- Cost accountancy is the application of costing and cost accounting principles methods and techniques to the science, arts and practice of cost control and ascertainment of profitability. cost accountancy helps in managerial decision making.

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