... FINANCIAL ACCOUNTING AND COST ACCOUNTING Cost accounting is very closely-related to financial accounting. Some authorities on thesubject consider cost accounting to be the branch of financial accounting. ... purview of cost accountancy : (1) Costing, (2) Cost Accounting, (3) Cost Control Techniques, (4) Budgeting and (5) Cost Audit.1. CostingThe terminology of ICMA, London, defines costing as “the ... Job costing, contract costing, etc. Finally, for achieving the laststep costing has developed important techniques such as Absorption Costing,Marginal Costing and Standard Costing.94. Cost accounting...