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of <h1>CAS 1 Ensures Consistent Cost Classification for Manufacturing Industries in India, Aiding in Financial Evaluations and Decision-Making.</h1> The Cost Accounting Standard 1 (CAS 1) by the Institute of Cost and Works Accountants of India outlines the principles for classifying costs in cost statements. It aims to ensure consistent and transparent cost classification for product or service cost ascertainment and preparation of cost statements. The standard applies to manufacturing industries in India for statutory obligations, cost control, and decision-making. Costs are classified by nature, relation to cost centers, functions, behavior, management decision-making, production processes, and time. The standard emphasizes uniformity and comparability in cost reporting, aiding in assessments for taxes, tariffs, and other financial evaluations.
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