Costing, Cost Records & Cost Audit- A brief
When we say the term ‘cost’ we simply mean the price we are paying for any goods or services. The process of determining cost of a particular activity or work can be termed as ‘costing’. Knowingly or unknowingly ‘costing’ becomes an integral activity of our daily life. E.g. many of us have the habit of keeping records of our day to day expenses. We use to record all our fooding expenses, travelling expenses, fuel expenses,…