ECONOMICS

Detailed explanation-1: -Cost Accountancy is the application of costing and cost accounting principles, methods and techniques to the science, art and practice of cost control and the ascertainment of profitability. It includes the presentation of information derived there from for purposes of managerial decision making.

Detailed explanation-2: -Cost accounting considers all input costs associated with production, including both variable and fixed costs. Types of cost accounting include standard costing, activity-based costing, lean accounting, and marginal costing.

Detailed explanation-3: -It involves the ascertainment of the cost of every job, order, product, process or service.

Detailed explanation-4: -Direct cost accounting It does not include any fixed costs incurred by a company. However, this process is generally used for short-term decision-making.

Detailed explanation-5: -In accounting, costs are the monetary value of expenditures for supplies, services, labor, products, equipment and other items purchased for use by a business or other accounting entity. It is the amount denoted on invoices as the price and recorded in book keeping records as an expense or asset cost basis.