47. Write A Short Note On Cost Accounting?
Cost accounting is concerned with the application of costing principles, methods and techniques for ascertaining the costs with a view to controlling them and assessing the profitability and efficiency of the enterprise. In the initial stages cost accounting was merely considered to be a technique for ascertainment of costs of products or services on the basis of historical data. In course of time it was realized, due to competitive nature of the market, that ascertaining of cost was not so important as controlling costs was.
