Important point related to cost accounting
ICWAI establishment 1944
ICWAI act 1959
Cost audit start 1965
Cost audit section 148
History:
The institute of cost accountants of India was first formed as a registered limited company in 1944 (14 June 1944) as per the provision of company act 1913 with the initial objective of promoting regulating and developing the profession of cost accountancy.
Post independent the institute got statutory regulation when the parliament of India enacted "the cost and work accountants act" (act number 23rd of 1959) special act on 28 may 1959 to Accord statutory recognition to ICAI (then ICWAI) as an autonomous professional institute with the objective of promoting regulating and developing the profession of cost and management accountancy.
Definition
Cost: किसी भी purpose के लिए जो रिसोर्सेस use आते हैं उसको मुद्रा के रूप में convert करना
Costing: cost को asertain (पता लगाना) करना
Cost accounting: cost को एसर्टेन करना एवं उसकी कंट्रोल करना
How cost accounting work
Cost centre: organisation की subunit जहां पर हमारी कास्ट लगेगी
Location wise
Person wise
Equipment wise
Cost unit : सबसे Narrowest possible level, जिसके लिए कास्ट को collect करतेहैं (selling unit for business)
Eg: cost unit for paper industry - per rim
Cost unit for water supply industries- per 1000 gallons
Cost accounting में cost centre पर cost unit के अनुसार जो कास्ट लगती है उसको पता करना रिकॉर्ड करना --- reason------ cost को कंट्रोल कर सके।
Cost accountancy- costing principal follow करना।
Some important lines for MCQ questions
The CIMA London defines a cost unit as a unit of product or services in relation to which costs are ascertain
Cost audit section 148 as per Company Act 2013
Cost accounting is a branch of accounting
Costing is the technique of asertain cost
Cost accounting is best on double accounting system
Cost accounting are maintain compulsory for compliance to statutory obligation in certain specific manufacturing companies.
The main purpose of cost accounting is to provide data to management for decision making.
The cost and work accountant Act was passed in India in 1959.
The head office of the institute of cost and work accounts of India is situated at Kolkata
The techniques and process of asertaining cost is called costing
Cost accounting concept include planning controlling and costing but not sharing.
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