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Cost unit is a device for the purpose of breaking up cost in to smaller sub-divisions.

A profit centre is that segment of activity of a business which is responsible for both revenue and expenses and discloses profits of a particular segment of activity.

Cost centres are the smallest segments of activity or area of responsibility for which costs are accumulated or ascertained.

The following factors are to be considered before installation of cost accounting system:

Cost accounting is not free from limitations. The main limitations of cost accounting are as follows;

The following are the important limitations of financial accounting:

The Difference Between Cost Accounting and Financial Accounting are as follows:

There are certain items which are excluded from cost accounting. These may be the following.

Cost accountancy is said to be a science, art and practice of the cost accountant.

Cost Aaccounting Has The Following Features:

The Scope of Cost Accounting Is Very Wide and Includes:

The Following Are The Important Functions of Cost Accounting:

These are the following important objectives of cost accounting:

Cost accounting is the process of accounting for cost. It begins with the recording of expenditures and ends with the preparation of statistical data.

Cost is the price to be paid or amount of money needed to obtain something. It may be actual or national, incurred or attributable to a given product or services rendered.