Balance Scorecard

In: Business and Management

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MANAGEMENT ACCOUNTING

Study Material Prepared By

INSTITUTE OF COST AND WORKS ACCOUNTANTS OF INDIA for Junior Accounts Officer(Civil) Examination
Conducted By

CONTROLLER GENERAL OF ACCOUNTS

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BASICS OF COST ACCOUNTING
1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 Evolution of Cost Accounting, Cost Concepts and Cost Classification Introduction Evolution of Cost Accounting Financial Accounting and Cost Accounting Management Accounting Financial, Cost and Management Accounting Cost Concept and Cost Object Cost Management Cost Classification Methods of Costing Techniques of Costing Specific Cost Systems Cost Department and its relationship with other Departments Installation of Costing System Specimen Questions with Answers Test Yourself Page . No 1 1 2 3 4 .5 6 7 10 12 13 14 16 17 18 20

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1.0
1.1

EVOLUTION OF COST ACCOUNTING, COST CONCEPTS AND COST CLASSIFICATION
INTRODUCTION
Traditionally, cost accounting is considered as the technique and process of ascertaining costs of a given thing. In sixties, the definition of cost accounting was modified as ‘the application of costing and cost accounting principles, methods and techniques to the science, art and practice of cost control and ascertainment of profitability of goods, or services’. It includes the presentation of information derived therefrom for the purpose of managerial decision making. It clearly emphasises the importance of cost accountancy achieved during the period by using cost concepts in more and more areas and helping management to arrive at good

STUDY MATERIAL PREPARED BY ICWAI FOR J.A.O. (CIVIL) EXAMINATION

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Cost and Management Accounting

business decisions. Today, the scope of cost accounting has enlarged to such an extent that it now refers to the collection and providing all sorts of information that assists the executives in fulfilling…...

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