ECONOMICS

Detailed explanation-1: -Cost, costing, cost accounting and cost accountancy terms are normally used as interchangeably but these are not same. Costing is the process of determining the cost of a product but the cost accounting is a technique to assist the management or business to in making the various budgets and standards.

Detailed explanation-2: -Cost is a sacrificed resource to obtain something; costing is a process of determining costs; cost accounting is a technique to assist management in establishing various budgets, standards, etc. Cost accountancy is the practice of costing and cost accounting.

Detailed explanation-3: -This statement is false. Cost accounting is the branch of management accounting.

Detailed explanation-4: -Cost accounting is the reporting and analysis of a company’s cost structure. Cost accounting is a process of assigning costs to cost objects that typically include a company’s products, services, and any other activities that involve the company.

Detailed explanation-5: -Management accounting includes a lot of aspects of business such as decision making, strategizing, planning, performance management, risk management, etc. On the other hand, cost accounting only revolves around cost computation, cost control, and overall cost reduction of business.