Cost accounting
Understand the Problem
The question appears to be a general inquiry regarding 'cost accounting', likely seeking information about its principles, methods, or applications.
Answer
Cost accounting is a managerial process for recording, analyzing, and reporting costs to aid in management decision-making.
Cost accounting is a managerial accounting process that involves recording, analyzing, and reporting a company's costs to assist management in planning and controlling the business.
Answer for screen readers
Cost accounting is a managerial accounting process that involves recording, analyzing, and reporting a company's costs to assist management in planning and controlling the business.
More Information
Cost accounting is essential for understanding the internal cost structure of an organization, allowing for better decision-making and efficiency improvements.
Tips
Often, cost accounting is confused with financial accounting; however, they serve different purposes. Cost accounting is internal and focuses on management decisions, while financial accounting is external and focuses on financial reporting to stakeholders.
Sources
- What Is Cost Accounting? Definition, Concept, and Types - investopedia.com
- Cost Accounting Defined: What It Is & Why It Matters - NetSuite - netsuite.com
