Advanced cost Accounting

  Introduction:   Cost : Cost is the amount incurred for the production and distribution of the product. It does not include income tax, interest on capital, preliminary expenses, dividends, goodwill, bad debts, etc.   Cost   Accounting : Recording of cost-related information. Costing : Costing is the method or technique with the help of which cost can be ascertained. Definition: Cost accounting is defined as a system of recording in accounts the materials used and labour employed in the manufacture of a certain commodity/ on a particular job. Objectives of Cost Accounting : The following are the main objectives of Cost Accounting:-  (a) To ascertain the Costs under different situations using different techniques and systems of costing (b) To determine the selling prices under different circumstances  (c) To determine and control efficiency by setting standards for Materials, Labour, and Overheads  (d) To determine the value of closing inventory for pr...