Get According To Cima England The Technique And Process Of Ascertaining Cost Is Called

In cost accounting, you allocate actual and budgeted costs of operations, departments, products, and projects to analyse the profitability of your company.

Costing- The technique and process of ascertaining costs is known as Costing.

The official CIMA definition of process costing is: “The method applicable where goods or services result from a sequence of continuous or repetitive operations or processes. Costs are averaged over the units produced during the period, being initially charged to the operation or process.”

Classifying costs by nature involves splitting costs into: Direct costs – Costs that are clearly linked to a particular cost object. Indirect costs – Costs that cannot be directly linked to a particular cost object.

ing to CIMA (Chartered Institute of Management Accountants), Cost Accounting is defined as a system put in place by the management to generate the amount incurred in the production of goods and services so as to determine the cost of production and profit generated in the organization.

ing to I.C.M.A. London – “Cost Accounting is the technique and process of ascertainment of cost.” Walter W. Bigg has defined cost accounting as follows: - “Cost Accounting is the provision of. such analysis and classification of expenditure as will enable the total cost of any particular unit.

ing to CIMA, England, "the technique and process of ascertaining cost is calledCosting.

ing to I.C.M.A. London – “Cost Accounting is the technique and process of ascertainment of cost.” Walter W. Bigg has defined cost accounting as follows: - “Cost Accounting is the provision of. such analysis and classification of expenditure as will enable the total cost of any particular unit.