JKSSB | FAA COST ACCOUNTING FULL NOTES AVAILABLE HERE, DOWNLOAD NOW

Cost accounting:

Cost accounting is a process of recording, 

analyzing and reporting all of a company’s 

costs (both variable and fixed) related to the 

production of a product. This is so that a 

company’s management can make better 

financial decisions, introduce efficiencies and 

budget accurately. The objective of cost 

accounting is to improve the business’s net 

profit margins. In simple words we can say 

that It is a process by which we determine the 

costs of goods and services.

Features of Cost Accounting

• It is a sub-field in accounting. It is the

process of accounting for costs

• Provides data to management for decision

making and budgeting for the future

• It helps to establish certain standard costs

and budgets which are compared with the

actual cost to find out deviations or

variances .

• It records income and expenditure relating

to production of goods and services

• It is concerned with cost ascertainment,

cost presentation , cost control and cost

reduction

• provides costing data that helps in fixing

prices of goods and services.

COST

Cost is also defined as by the expenditure incurred to

produce a given good or service. The cost will be the

expenditure that is attributable to something.

COSTING

Costing is essentially a technique or a system of

ascertaining costs.

COST ACCOUTANCY

Cost accountancy is the application of the principles

of costing and accounting. It is the science, art, and

practice with which a cost accountant practices cost

ascertainment and cost control

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