Theory in Cost Accounting

Cost accounting is the process of tracking, recording and analyzing costs associated with the products or activities of an organization. The knowledge and understanding of cost accounting is an integral part of learning the overall nature of accounting and one of the varied aspects of accounting available for careers in accounting. Modernization of industry and its impact on globalization give much importance to the cost accounting. Managers use cost accounting to support decision making, reduce companys costs and improve its profitability. Cost accounting is being successfully implemented in service industries and non-profit organizations with encouraging results. This reflects the fact that today cost accounting is vital to all 21st century businesses which face growing competition in an era of globalization. The book Theory in Cost Accounting concentrates on the theoretical aspect of concepts, methods and techniques of cost accounting, which are fundamental to the understanding of the discipline. It has been designed for B.Com., B.B.A., and M.Com. courses of various universities in India. It will be useful to the students, teachers, accountants, managers and businessmen.