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Costing Basic Definitions

Kavya B.
18/06/2018 0 0

Costing- The technique and process of ascertaining cost.

 

Cost Accounting - The process of accounting for costs which begins with a recording of income and expenditure or the basis on which they are calculated and ends with the preparation of periodical statements and reports for ascertaining and controlling costs.

 

Cost Accountancy- The application of costing and cost accounting principles, methods and techniques to the science, arts and practice of cost control and the ascertainment of profitability.

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