In any manufacturing activity understanding the nature and behavior of costs is of fundamental significance. The success of an enterprise in a highly competitive world depends on the ability of the organization to ascertain and control its costs.
Basic concept of costing
There are three important terms: i.e., costing, cost accounting and cost accountancy. The Institute of Cost and Works Accountants in England and Wales (now known as Cost and Management Accountants) has defined costing as “the technique of ascertaining costs”.
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