MANAGING COST ACCOUNTING

Accounting may be broadly classified into two categories – accounting which is meant to serve all parties external to the operating responsibility of the firms and the accounting which is designed to serve internal parties who take care of the operational needs of the firm.
On the other hand the second category of accounting is primarily concerned with providing information relating to the conduct of the various aspects of a business like cost or profit associated with some portions of business operations to the internal parties’ viz., management. This category of accounting is called as Management accounting. Managing the affairs of costing known as Cost Accounting Management.