Define cost accounting and explain elements of cost?

Cost account refers to the application of the principle of accountancy to aascertain the cost per unit of goods of service or processes. It is concerned with classification, recording and appropriate allocation of expenditure for the determination of the presentation of data to the management for planning, controlled and decission making.                      

Cost can be explained as the expense incurred the manufacturing and sales of a commodity the completion of job cost generally consists of following components:

1.direct expenses: these are the expenses incured for production of commodity or execution of a job which can easily be identify with the finish product or job it includes:

a.direct meterial expenses

b.direct labour expenses

c.other direct expenses

2.indirect eexpenses: these are expenses incurred for production of a commodity or execution of a job which occurs but can’t be identified with finish productt or job. These cost are also overheads.it includes all indirect material, labour charge and other expenses.