BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The cost concept demands all assets to be recorded in the books of accounts of the prices at which they were bought. This involves the cost incurred for transportation, installation, and acquisition.

Detailed explanation-2: -Cost Ascertainment: It involves computation of historical cost i.e. the cost which has already been incurred. Different methods are there to ascertain cost depending upon the needs of individual methods like job costing, contract costing, process costing, operating costing etc.

Detailed explanation-3: -Answer: Option C. Solution: Basic objective of cost accounting is cost ascertainment. It involves the ascertainment of the cost of every job, order, product, process or service.

Detailed explanation-4: -1. Cost Ascertainment: finding out the specific and precise total and unit costs of products and services. 2. Cost Presentation: reporting cost data to various levels of management with a view to facilitate decision making.

Detailed explanation-5: -The three broad objectives of a cost management information system are: (1) to cost out products, services, and other cost objects; (2) to provide information for planning and control; and (3) to provide information for decision making.