ECONOMICS

Detailed explanation-1: -35 crore or more during the immediately preceding financial year, shall be required to maintain cost accounting record.

Detailed explanation-2: -Auditing is compulsory for all types of companies which is registered under companies act, whether the company is private company, public company or joint stock company. The books of accounts is to be audited every year in case of a company.

Detailed explanation-3: -True Cost Accounting (TCA) is a new way of identifying the real costs of a specific product or service. TCA calculates not only the direct costs like raw materials and labour, but also the effects on the natural and social environment in which a company operates.

Detailed explanation-4: -Cost accounting is especially important for businesses that manufacture and sell at scale and/or have diverse product lines, as these companies have many costs associated with manufacturing, packaging, and distributing their goods.