ABSTRACT
Cost Accountants should be directing their attention to the development and the application of cost accounting principles and technique so that they may be ready effectively to play their part when a return to peace time trading is made possible. It refers to the application of Budgetary Control and Standard Costs. The systematic control of business operations by means of pre-determined standards prepared in minute detail and assembled into a comprehensive programme, in order to provide a basis of comparison with actual performances and costs is called Budgetary Control. The determination of costs of standard products, produced in standard quantities under standard conditions which may be normal is called Standard Costs. Standard costs can never be said to be permanent. By their very nature they must be subject to revision from time to time. The present stage to which standard costing has attained, with all its shortcomings and obscurities, is by no means to be considered as the ultimate.
