Definitions for cost accounting
cost ac·count·ing

Princeton's WordNetRate this definition:0.0 / 0 votes

1. cost accountingnoun

   keeping account of the costs of items in production

WikipediaRate this definition:0.0 / 0 votes

1. Cost accounting

   Cost accounting is defined as "a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail. It includes methods for recognizing, classifying, allocating, aggregating and reporting such costs and comparing them with standard costs." (IMA) Often considered a subset of managerial accounting, its end goal is to advise the management on how to optimize business practices and processes based on cost efficiency and capability. Cost accounting provides the detailed cost information that management needs to control current operations and plan for the future.Cost accounting information is also commonly used in financial accounting, but its primary function is for use by managers to facilitate their decision-making.

ChatGPTRate this definition:0.0 / 0 votes

1. cost accounting

   Cost accounting is a method of managerial accounting that aims to capture a company's total cost of production by assessing the variable costs of each step of production as well as fixed costs. It's used to measure, record, and report relevant information for decision-making regarding the control of resources, planning, and performance evaluation. This helps the management understand the financial impacts of their decisions and aids in budget preparation and profitability analysis.

WikidataRate this definition:5.0 / 1 vote

1. Cost accounting

   Cost accounting is a process of collecting, analyzing, summarizing and evaluating various alternative courses of action. Its goal is to advise the management on the most appropriate course of action based on the cost efficiency and capability. Cost accounting provides the detailed cost information that management needs to control current operations and plan for the future. Since managers are making decisions only for their own organization, there is no need for the information to be comparable to similar information from other organizations. Instead, information must be relevant for a particular environment. Cost accounting information is commonly used in financial accounting information, but first we are concentrating on its use by managers to make decisions. Unlike the accounting systems that help in the preparation of financial reports periodically, the cost accounting systems and reports are not subject to rules and standards like the Generally Accepted Accounting Principles. As a result, there is wide variety in the cost accounting systems of the different companies and sometimes even in different parts of the same company or organization.

Matched Categories

1. • Accountancy

How to pronounce cost accounting?

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How to say cost accounting in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of cost accounting in Chaldean Numerology is: 1

2. Pythagorean Numerology

   The numerical value of cost accounting in Pythagorean Numerology is: 2

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=cost accounting
2. ^ Wikipedia
   https://en.wikipedia.org/wiki/Cost_Accounting
3. ^ ChatGPT
   https://chat.openai.com
4. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=cost accounting