Cost Accounting

The world has shrunk to the size of a village, and globalisation has become the norm. Cost accounting has risen to prominence in the age of globalisation, thanks to the support of accounting experts. On the other hand, competition among business houses has become extremely fierce, and price reduction has become a critical weapon in the hands of producers and marketers. In today's business world, businesses operate in a highly competitive environment fraught with risk and uncertainty.

As a result, they must operate more efficiently and effectively, allowing them to offer their products at a lower price. To gain a competitive advantage in the industry, business organisations must implement three strategic dimensions, one of which is "cost leadership" (other dimensions are product differentiation and focus or niche). Cost leadership entails producing goods or providing services at the lowest possible cost while maintaining quality in order to have a more competitive price. As a result, it is critical for business organisations to have a solid costing system. Information is the most important resource for making business decisions.

This Cost Accounting book provides a comprehensive cost and revenue evaluation report to management for appropriate decision making for students and scholars, as well as the UGC Unified Syllabus for B.Com. Despite the development of new accounting devices, improved techniques, and elaborative subsidiary records, financial accounting is limited in terms of meeting the information needs of various stakeholders; these limitations of financial accounting led to the development of cost accounting.

The chapters listed below are included:

1. Nature and Scope of Cost accounting
2. Cost
3. Material Control
4. Methods of valuing Material Issues
5. Labour Cost
6. Remuneration and Incentives
7. Overhead
8. Job, Batch & Contract Costing
9. Process Costing
10.Equivalent production in Process Costing