Define ‘Cost Accounting’. State its main objects. Differentiate between Cost Accounting and Financial Accounting.

Cost Accounting:

Cost accounting is a branch of accounting that deals with the recording, classification, allocation, and analysis of costs incurred by a business to produce goods or services. It involves the systematic collection, analysis, and interpretation of financial information related to the various activities of an organization. Cost accounting provides management with valuable insights into the cost structure of the business, enabling informed decision-making to enhance profitability and efficiency.

Main Objects of Cost Accounting:

1. Cost Ascertainment: The primary objective of cost accounting is to ascertain the cost of producing goods or services. This involves the identification and measurement of all costs associated with the production process, including direct materials, labor, and overhead expenses.

2. Cost Control: Cost accounting helps in controlling costs by establishing standards and comparing actual costs against these standards. Variances are analyzed to identify areas of inefficiency or areas where cost-saving measures can be implemented.

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