ABSTRACT
Any busy and eventful years have passed since the Council of the Institute of Cost and Works Accountants undertook the task of preparing a terminology suitable for cost accounting purposes. The Council feels that it can with every confidence invite the cordial co-operation of all its members and registered students in the work of establishing this terminology as the accepted basis of the professional language of Cost Accountancy. Deferred Charges Prepaid items of expense, such as Rates, Taxes, Insurances, Interest and Discount, Subscriptions and Membership Fees, Railway Season Tickets, Royalties, Patent Fees, etc., which not being wholly consumed in the current accounting period, have unabsorbed balances to be carried forward to the ensuing periods. Deferred Establishment Charges or Expenses expense The third element of cost, which combines with Materials and Wages to produce Total Cost.
