cost accounting

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Cost accounting

A branch of accounting that provides information to help the management of a firm evaluate production costs and efficiency.

Cost Accounting

A branch of accounting that observes and calculates the actual costs of a company's operations. Internal managers, rather than auditors, use cost accounting most of the time to identify aspects of their company where costs can be cut. For example, a manager may enlist a cost accountant to determine the most expensive aspects of his/her business that is, where the money goes. The accountant may make a detailed report so that the manager may make decisions based upon it. Because cost accounting is primarily internal, it need not conform to the Generally Accepted Accounting Principles. It is also called managerial or management accounting. See also: Assurance, Activity-based costing.

cost accounting

The field of accounting that measures, classifies, and records costs. A cost accountant, for example, might be required to establish a system for identifying and segmenting various production costs so as to assist a firm's management in making prudent operating decisions.
Fig. 28 Cost. Major elements of cost.click for a larger image
Fig. 28 Cost. Major elements of cost.

cost accounting

see MANAGEMENT ACCOUNTING.
References in periodicals archive ?
The cost accountant is the best source for these numbers, which are likely not a stretch for them to provide, as they calculate such things as part of their regular duties.
The second group consists of four business cost accountants and a global security administrator.
Count and fill out a receiving report for each unique raw material delivered and forward complete receiving reports to the cost accountant 2.
New Delhi, July 23 ( ANI ): Suresh Chandra Mohanty has been elected as the new President of the Institute of Cost Accountants of India (ICAI) for the year 2013-14 in a council meeting held at the institute's headquarters in Kolkata.
Brod, who leaves Dow on May 1, joined the Company as a cost accountant in Freeport, Texas, in 1975 and held a variety of Finance and Information Technology positions in both Europe and the U.
The business community as a whole (not only the specialist sectors quoted in the article) has been trying to cut waste ever since my early days as a cost accountant.
Mankal is a qualified Chartered Accountant and Cost Accountant, and a member of the Institute of Chartered Accountant, Institute of Cost and Works Accountants, and Institute of Management Accounting.
Similarly, Ringo wouldn't receive CPE credit for a basic cost accounting course at a local university if he has worked for a number of years as a cost accountant and is already very familiar with the subject--this formal program of learning won't enhance his professional competence.
Nelson retired from Wyman-Gordon Company where he was Chief Cost Accountant.
I became the cost accountant for a production department making Ticonal magnets and it was fantastic.
And it gives their job titles, such as CFO, finance director, controller, financial analyst, chief information officer, strategy analyst, chief accountant, cost accountant, management accountant, internal auditor, and compliance officer.
Ellsworth Grimsley has been named director of construction; Jane Kelley, corporate construction controller; and Kathy Pinkerton, senior cost accountant.

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