what is cost accounting ? and how this is different from costing or both are same ?

 Cost accounting is the process of tracking, recording, and analyzing the costs associated with producing a product or providing a service. The primary goal of cost accounting is to provide management with information that can be used to make informed business decisions and improve profitability.

Cost accounting includes activities such as determining the cost of raw materials, labor, and overhead, and allocating those costs to the products or services being produced. It also involves analyzing the cost data to identify opportunities for cost savings or process improvements.

Costing is a broader term that refers to the process of determining the cost of a specific product or service. Costing may involve cost accounting activities, such as tracking and analyzing costs, but it may also include other factors such as pricing strategies and market research.

In general, cost accounting is a subset of costing. Costing involves determining the cost of a specific product or service, while cost accounting is a more comprehensive approach to tracking, recording, and analyzing costs across an organization.

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CMA Bharat Kumar Swami

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