Cost accounting is as old as the civilization of human being. In India, there was a complete system to each cost of product. All used this complete system. Auditors were appointed by king who visited different area's shop to check whether businessmen were using them properly or not.
There was big punishment who cheated through increasing cost without any reason. That is the reason, 20 to 30 years, prices were almost same in old age of India.
In the modern age, cost accounting has developed after starting of machines and large scale productions by different industries. Factory system has increased the production at large scale because its aim is to produce day and night. So, to calculate and control over the cost was necessary. So, cost accounting's different methods like job costing, contract costing, marginal cost. Break-even point and budgetary control method are the great inventions in the field of cost accounting.
There was big punishment who cheated through increasing cost without any reason. That is the reason, 20 to 30 years, prices were almost same in old age of India.
In the modern age, cost accounting has developed after starting of machines and large scale productions by different industries. Factory system has increased the production at large scale because its aim is to produce day and night. So, to calculate and control over the cost was necessary. So, cost accounting's different methods like job costing, contract costing, marginal cost. Break-even point and budgetary control method are the great inventions in the field of cost accounting.
