• Book Name: Cost Accounting
• Authors Name: Dr. M. Dhanabhakyam and Dr. P. Kamalnath

Cost accounting is an expanded phase of the general or financial accounting of a
business concern which provides management promptly with the cost of producing
or selling each article or of rendering to a particular service”. In other words, cost
accounting is a step further to and a refinement of financial accounting, in which
cost of manufacturing and selling each product or job or rendering service is determined,
not at the time of accounting period but at the time when the product is
manufactured or any service is rendered. In simple words, costing is a systematic
procedure for determining the unit cost of output produced or services rendered. It
provides for an analysis of the expenditure which enables the management to
know not only the total cost but also its constituents.