Role of Cost Accounting

In this ppt there is meaning of cost accounting and its role.

1. Role of Cost accounting

2. GROUP MEMBER 1501 - RITU BAWAR 1502 - MINAL BHOIR 1503 - NIKHIL BOKE 1505 - HARISH DHOTRE 1506 - NAMRATA DOIPHODE

3. MEANING Cost accounting is concerned with recording, classifying and summarizing costs for determination of costs of products or services, planning, controlling and reducing such costs and furnishing of information to management for decision making .

4. DEFINATION The Institute of Cost and Management Accountant, England (ICMA) has defined Cost Accounting as – “the process of accounting for the costs from the point at which expenditure incurred, to the establishment of its ultimate relationship with cost centers and cost units. In its widest sense, it embraces the preparation of statistical data, the application of cost control methods and the ascertainment of the profitability of activities carried out or planned”.

5. TYPES Standard Cost Accounting Activity Based Costing Marginal Costing

6. TYPES OF COST Fixed Costs Variable costs Operating cost Direct cost

7. ROLE OF COST ACCOUNTING Ascertainment of cost Estimation of costs Cost control Cost reduction Determining selling price Facilitating preparation of financial and other statement Providing basis for operating policy

8. Relationship of Financial, Management, and Cost Accounting FINANCIAL ACCOUNTING MANAGEMENT ACCOUNTING COST ACCOUNTING Product Costs

9. COMPARISON BETWEEN COST AND MANAGEMENT ACCOUNTING SCOPE EMPHASIS TECHNIQUES EMPLOYED EVOLUTION STATUTORY REQUIREMENT DATA BASE STATUS IN ORGANATION INSTALLATION