What is cost accounting?
Understand the Problem
The question is asking for a definition or explanation of cost accounting, which is a type of managerial accounting that focuses on the costs of producing goods or services.
Answer
Cost accounting is a managerial accounting process that involves recording, analyzing, and reporting a company's costs.
Cost accounting is a managerial accounting technique that records, analyzes, and reports a company's costs to help understand their impact on operations, efficiency, and profit.
Answer for screen readers
Cost accounting is a managerial accounting technique that records, analyzes, and reports a company's costs to help understand their impact on operations, efficiency, and profit.
More Information
Cost accounting provides insights into financial health and helps companies make informed decisions about their cost structures by organizing and tracking both direct and indirect expenses.
Sources
- What Is Cost Accounting? Definition, Concept, and Types - investopedia.com
- Cost Accounting: Definition and Types With Examples - Investopedia - investopedia.com
- Cost Accounting Defined: What It Is & Why It Matters - NetSuite - netsuite.com
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