⭐ Important points (exam-critical)
- ⭐Cost = Loss only if no benefit; otherwise it's an asset (deferred).
- ⭐Period vs Product costs: period (selling, admin) expensed; product (manufacturing) inventoried.
- ⭐Cost Accounting Standards (CAS-1 to CAS-24) issued by ICAI/ICMAI.
- ⭐Distinguish cost accounting from financial / management accounting in marks-able theory.
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