TAILIEUCHUNG - BASICS OF COST ACCOUNTING

As noted above, IFRS 4 does not require separation if the component itself meets the definition of an insurance contract. In considering whether this exemption applies, insurance risk is assessed in relation to the component. It may happen that the contract as a whole does not fall within the scope of IFRS 4 because it does not contain significant insurance risk, but that the component itself contains significant insurance risk and, had it been a separate contract, would have fallen within the definition of an insurance contract. IFRS 4 does not provide any further limitations – any significant insurance risk disqualifies a component from recognition as a derivative. | MANAGEMENT ACCOUNTING Study Material Prepared By INSTITUTE OF COST AND WORKS ACCOUNTANTS OF INDIA for Junior Accounts Officer Civil Examination Conducted By CONTROLLER GENERAL OF ACCOUNTS 1 BASICS OF COST ACCOUNTING Evolution of Cost Accounting Cost Concepts and Cost Page . No Classification 1 Introduction 1 Evolution of Cost Accounting 2 Financial Accounting and Cost Accounting 3 Management Accounting 4 Financial Cost and Management Accounting .5 Cost Concept and Cost Object 6 Cost Management 7 Cost Classification 10 Methods of Costing 12 Techniques of Costing 13 Specific Cost Systems 14 Cost Department and its relationship with other Departments 16 Installation of Costing System 17 Specimen Questions with Answers 18 Test Yourself 20 EVOLUTION OF COST ACCOUNTING COST CONCEPTS AND COST CLASSIFICATION INTRODUCTION 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 STUDY MATERIAL PREPARED BY ICWAI FOR . CIVIL EXAMINATION 2 Cost and Management Accounting 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 .

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