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MANAGEMENT ACCOUNTING
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Traditionally, cost accounting is considered as the technique and process of ascertaining costs
of a given thing. In sixties, the definition of cost accounting was modified as ‘the application
of costing and cost accounting principles, methods and techniques to the science, art and
practice of cost control and ascertainment of profitability of goods, or services’. It includes
the presentation of information derived therefrom for the purpose of managerial decision
making. It clearly emphasises the importance of cost accountancy achieved during the period
by using cost concepts in more and more areas and helping management to arrive at good business decisions. Today, the scope of cost accounting has enlarged to such an extent that it
now refers to the collection and providing all sorts of information that assists the executives in
fulfilling the organisational goals. Modern cost accounting is being termed as management
accounting, since managers being the primary user of accounting information are increasingly
using the data provided by the accounts, setting objectives and controlling the operations of
the business.
INSTITUTE OF COST AND WORKS ACCOUNTANTS OF INDIA - Personal Name
NONE
Accounting
English
1-304
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