Answer - The Institute of Cost and Works Accountants of the U.K. has defined Cost Accountancy as the “application of costing and cost accounting principles, methods and techniques to the science, art and practice of cost control and ascertainment of profitability as well as presen­tation of information for the purpose of managerial decision taking. So, the term Cost Accountancy is used in a broader sense. It embraces costing, cost accounting, cost control, cost audit and budgetary control”.