Cost accounting is defined as a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail. Objectives of the topic are finding out of cost, fixation of selling price, proper recording and presentation of cost data to management for measuring efficiency and for cost control and cost reduction, finding out the profit of each activity, assisting management in decision making and determination of break. Unlike financial accounting, it focuses on tracking productivity-based data in order to determine the break-even point of a business and plan for future growth. At its core, the keyword takes a specific look at the fixed and variable expenses that are unique to a specific business. Modern technique originated during the industrial revolution when the complexities of running large scale businesses led to the development of systems for recording and tracking costs to help business owners and managers make decisions. Over time, these fixed costs have become more important to managers.

Saket Kumar

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