Related Terminologies cost in accountancy Posted by birendra kunwar on 3:49 AM

The total of all expenditures involved in the process of production is known as the cost . The cost covers every aspect of human life and business . Hence it is not a single matter to define cost . The accounting experts, economists and various units have defined cost in different ways . So the meaning of cost has to be understood according to the place and objectives in different forms according to its use.

The technique or process to determine the cost is called costing . It is the Technique of measurement and accumulation of cost of different activities products processes or services. It has been defined by the CIMA as the technique and process of ascertaining cost .

The process and concepts to determine the cost of a product or services is called cost , and it covers the classification, recording and allocation of expenditures involved in the process of production.

The term Cost accountancy is wider to costing and cost accounting in terms of its concept. Cost accountancy covers costing , budgetary control , cost control , and cost audit. Cost accountancy is the study of application of cost accounting principle , process and rule for the determination of cost and its control.