Industrialization and advent of factory system during the second half of 19th Century necessitating accurate cost information have led to the development of cost accounting. Rapid development in cost accounting has taken place after 1914 with the growth of heavy industry and large scale production. Costing is the ascertainment of costs and studies the principles and rules concerning the determination of cost of products and services.
Industrialization and advent of factory system during the second half of 19th Century necessitating accurate cost information have led to the development of cost accounting. Rapid developmen…