Q.31. As regards the of cost accountancy is concerned, it has____ scope. Ans.31. Vast Q.32. What is the definition of Costing? Ans.32. is the process of determining the costs of products, services “Costing or activities.” Q.33. Write down the definition of Cost accounting? Ans.33. Cost accounting is branch of accounting dealing with the “that classification, recording, allocation, summarization and reporting of current and prospective costs.” Q.34. Differentiate between Cost Accountancy, Costing and Cost Accounting. Ans.34. Difference between Cost Accountancy, Costing and Cost Accounting Points of Cost Accountancy Costing Cost Accounting Differences 1. Scope Cost accountancy is It is broader in its It is narrow in broadest in its scope. scope. its scope. 2. Function It is concerned with It is concerned with It is concerned formulation of costing ascertainment of with recording principles, methods cost. of cost. and techniques to be adopted by a business. 3. Periodicity of It is a starting point. It begins where It begins Functioning accountancy ends costing ends. cost. 4. Persons The persons involved The person involved The persons Involved are experts in the is cost accountant. involved are of cost accountancy cost clerks. such as management accountant.
Q.31. As regards the of cost accountancy is concerned, it has____ scope. Ans.31. Vast Q.32. What is the definition of Costing? Ans.32. “Costing is the process of determining the costs of products, services or activities.” Q.33. Write down the definition of Cost accounting? Ans.33. Cost accounting is “that branch of accounting dealing with the classification, recording, allocation, summarization and reporting of current and prospective costs.” Q.34. Differentiate between Cost Accountancy, Costing and Cost Accounting. Ans.34. Difference between Cost Accountancy, Costing and Cost Accounting Points of Differences Cost Accountancy Costing Cost Accounting 1. Scope Cost accountancy is broadest in its scope. It is broader in its scope. It is narrow in its scope. 2. Function It is concerned with formulation of costing principles, methods and techniques to be adopted by a business. It is concerned with ascertainment of cost. It is concerned with recording of cost. 3. Periodicity of Functioning It is a starting point. It begins where accountancy ends cost. It begins costing ends. 4. Persons Involved The persons involved are experts in the of cost accountancy such as management accountant. The person involved is cost accountant. The persons involved are cost clerks.
cost_accounting_chapter_1_0.docx