CMA FOUNDATION CONCEPT OF COST ACCOUNTING
The term Cost is a very common word in our daily lives. More specifically we used it to signify something that we incur to take in back a benefit, maybe goods or services or anything. As we say everything comes at a cost.
Even in accounting, the concept of cost is referred to as the amount that has to be paid or given to get something in return. In other words, the cost is the number of resources either monetary or otherwise, given in exchange for some goods or services.
Cost Accounting
Cost accounting can be understood as a specialized branch of accounting that involves classification, accumulation, assignment, and control of costs. The costing terminology of C.I.M.A. London defines cost accounting as “The establishment of budgets, standard costs and actual costs of operations, processes, activities or products, and the analysis of variances, profitability or the social use of funds”.
The main difference is to be understood is that cost accounting is different from cost. Wherein the cost accounting provides only the basis and particulars for the ascertainment of costs, and once the details are made available, costing can be carried out arithmetically by means of standard costing statements or by fundamental accounting.
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