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.
it should be the aim of every cost accountant to link up his system with the general accounts; one should always be cross checked with the other [Thompson, 1927].
The third cost accountant provides cost accounting services for a joint venture and a subsidiary company located at the division.
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.
He was also active in, and was a life member of, both the National Association of Cost Accountants and the Greendale Men's Club.
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.
10, the Daily News will kick off its fourth stock-picking contest, pitting investment pros against a credit specialist, a Rocketdyne toolmaker, a cost accountant and the president of a legal search firm.
Allega was the first female cost accountant for the former Whitin Machine Works for 30 years, and worked for 10 years at the Mellville Company in Worcester until her retirement in 1977.
The cost accountant was born in a business world that is far different from today.
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.
Senior Cost Accountant for Gulf & Western Elco Corp.

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