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Concept of Cost Accounting & Objectives of Cost Accounting | CS Executive CONCEPT OF COST ACCOUNTING - CS EXECUTIVE  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.   DEFINITION - CONCEPT OF COST ACCOUNTING The Chartered Institute of  Management Accountants  (CIMA), London defines cost as “the amount of expenditure (actual or notional) incurred on or attributable to a specified thing or activity”. The concept of cost is wide enough to include anything and everything that is put in to derive an output. Say, for instance, the electronic gadget you are using righ