Definitions for cost accounting

This page provides all possible meanings and translations of the word cost accounting

Princeton's WordNetRate this definition:(0.00 / 0 votes)

  1. cost accounting(noun)

    keeping account of the costs of items in production

FreebaseRate this definition:(0.00 / 0 votes)

  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.


Find a translation for the cost accounting definition in other languages:

Select another language:

Discuss these cost accounting definitions with the community:

Word of the Day

Would you like us to send you a FREE new word definition delivered to your inbox daily?

Please enter your email address:     


Use the citation below to add this definition to your bibliography:


"cost accounting." STANDS4 LLC, 2015. Web. 29 Mar. 2015. < accounting>.

Are we missing a good definition for cost accounting? Don't keep it to yourself...

The Web's Largest Resource for

Definitions & Translations

A Member Of The STANDS4 Network

Nearby & related entries:

Alternative searches for cost accounting:

Thanks for your vote! We truly appreciate your support.