Define ‘Cost Accounting’. State its main objects

Cost accounting is a specialized branch of accounting that deals with the classification, allocation, and recording of costs incurred by a business to produce goods or services. It involves the systematic analysis of costs associated with various aspects of business operations, aiming to provide detailed information for managerial decision-making, cost control, and performance evaluation. In simpler terms, cost accounting helps businesses understand and manage the costs involved in their operations.

Main Objectives of Cost Accounting:

1. Cost Ascertainment: The primary objective of cost accounting is to ascertain the cost of production or service rendered by systematically recording and analyzing all costs incurred during the production process. This involves identifying and measuring various cost components such as raw materials, labor, overheads, etc. By accurately determining costs, _____ _____ ________ ______ ________ _______ _________ _____ __________ _________ _____ ___.
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