Nature of Cost Accounting - CMA TUTORSNature of Cost Accounting - CMA TUTORS
Cost Accounting
Nature of Cost Accounting :-
The nature of cost accounting can be brought out under the following headings:
Cost Accounting
1. Cost accounting is a branch of knowledge
1. Cost accounting is a branch of knowledge
Though considered as a branch of financial accounts, cost accounting is one of the important branch of knowledge, i.e., a discipline by itself.
Cost Accounting
2. Cost accounting is a science
2. Cost accounting is a science
Cost accounting is a science as it is a body of systematic knowledge relating to not only cost accounting but relating to a wide variety of subjects such as law, office practice and procedure, etc.
Cost Accounting
3. Cost accounting is an art
3. Cost accounting is an art
Cost accounting is an art in the sense it requires the ability and skill on the part of cost accountant in applying the principles, methods and techniques of cost accountancy to various management problems.
Cost Accounting
4. Cost accounting is a profession
4. Cost accounting is a profession
cost accounting has become one of the important professions which have become more challenging.