Cost accounting: Cost accounting is the process of accounting for cost which begins with recording of income and expenditure and ends with the preparation of statistical data. It is the formal mechanism by means of which cost of products or services are ascertained and controlled. Cost accounting provides analysis and classification of expenditure as will enable the total cost of any particular unit of product or service to be ascertained with reasonable degree of accuracy and at the same time to disclose exactly how such total cost is constituted. It establishes budgets and standard cost and actual cost of operations, processes, departments or products and the analysis of variances, profitability and social use of funds. Thus cost accounting is a quantitative method that collects classify summarise and interprets information for product costing, operation planning and control and decision making. Follow @galli_baba @galli_baba1 for more daily updates and Weekly posts. #icai #castudents #canotes #cmanotes #csnotes #chartedaccountant #costaccounting #costandmanagementaccounting #ca #cma #cs #bcom #mcom #mba #professionalcourse #shortnotes #accountancy #gallibaba https://www.instagram.com/p/Bve627sAhFd/?utm_source=ig_tumblr_share&igshid=6stgf95a2swm