Cost accountancy has been defined as the application of costing and cost accounting principles and practice of cost control and the ascertainment of profitability. It includes the presentation of information derived there from for the purpose of managerial decision making.
Meaning of Cost accountancy is more deep than meaning of cost accounting. Cost accounting is the science of calculating cost and then control on same cost. In cost accountancy, cost accounting, costing and new research in this area are included.
In simple words, all cost accountant are practicing cost accountancy profession. Like Indian Institute of Chartered Accountancy of India, there is the institute of Cost Accountancy and its name is ICWAI. A cost accountant get the license from this institute and starts his practice. Following are the main areas of cost accountancy.
Meaning of Cost accountancy is more deep than meaning of cost accounting. Cost accounting is the science of calculating cost and then control on same cost. In cost accountancy, cost accounting, costing and new research in this area are included.
In simple words, all cost accountant are practicing cost accountancy profession. Like Indian Institute of Chartered Accountancy of India, there is the institute of Cost Accountancy and its name is ICWAI. A cost accountant get the license from this institute and starts his practice. Following are the main areas of cost accountancy.
- Cost Audit (Section 233B of the Companies Act 1956)
- Central Excise Audit (Section 14A of the Central Excise Act 1944)
- Central Excise Special Audit (Section 14AA of the Central Excise Act 1944)
- Internal Audit
- Inventory Audit
- Concurrent audits in banks
- Sales Tax/VAT Audit
- Telecom Regulatory Authority of India (TRAI) Audit
- Special Audit under Customs Act
- Management and Operational Audit
- Service Tax Audit
- Anti-Dumping
