Chapter – 1 Nature and Scope of Cost Accounting - ppt video online download: Meaning of cost accounting Cost accounting is a branch of accounting and has been developed due to limitations of financial accounting. Cost accounting is the classifying, recording and appropriate allocation of expenditure for the determination of the costs of products and services, and for the presentation of suitably arranged data for the purposes of control and guidance of managements. Cost accounting is the application of costing and cost accounting principles, methods, and techniques to the science, art and practice of cost control and the ascertainment of profitability.
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