Definition Chartered Institute Of Management Accountants ( CIMA London ) “ Costing is the technique and process of ascertaining cost”Ĭost Accounting Cost accounting measures and reports information relating to the cost of acquiring and utilizing resources Cost accounting provides information for management and financial accounting Cost management describes the approaches and activities of managers in short-run and long-run planning and control decisions These decisions increase value of customers and lower costs of products and services Cost management is an integral part of a company’s strategy Ĭost Accounting It provides information for both management accounting and financial accounting.
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