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: -Accounting is science as well as art of an organization. It follows the path which is scientific to find, present financial findings in a structured way, it’s the art of giving judgment which is creative.

Detailed explanation-3: -Cost Accountancy: The practice of expense and cost accounting theories for better business control while keeping in mind the determination of profitability is known as cost accountancy. It also includes the presentation of data obtained for managerial decision-making.

Detailed explanation-4: -They manage expenditures and look for cost-efficient solutions to inefficiency problems. Cost accountants typically work with cost accounting systems and develop expense, budget, and supply chain reports for management. These professionals also forecast cost-related changes and risks.

Detailed explanation-5: -Even though cost accounting is commonly referred to as a costing method, the scope of cost accounting is far broader than mere cost. Cost accounting has elements of traditional bookkeeping, system development, creating measurable information, and input analysis.