Q.State any four features of Cost Accounting.

Cost Accounting has a distinct character that sets it apart from Financial Accounting, and this character shows up in several recurring features.

Four notable features of Cost Accounting are: (1) it is both a science (a systematic body of principles) and an art (applied with judgement); (2) it is internal and management-oriented rather than governed by a statutory external-reporting format; (3) it deals with both historical (actual) and predetermined (budgeted/standard) costs; and (4) it p …

Cost Accounting, as a distinct branch of accounting, carries several recurring features that mark it out from Financial Accounting. Four of these are:

1. It is both a science and an art. It has a systematic, defined body of principles and classification rules (the science), but applying those rules correctly to a specific organisation's own circumstances requires skill and judgement (the art).
2. It is internal and management-oriented. Unlike Financial Accounting, which follows a statutory format primarily meant for external parties (shareholders, tax authorities, creditors), Cost Accounting is designed for the organisation's own internal management use, and there is no single legally mandated format it must follow.
3. It deals with both historical and predetermined costs. It records costs already incurred (historical or "post-costing") as well as costs planned or estimated in advance (budgeted costs or standard costs), and compares the two for control purposes. …

A common mistake is describing features that actually belong to Financial Accounting (e.g. "prepared once a year for shareholders") — remember Cost Accounting's features point the oppo …