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 ?
Cost accounting data aids the auditors in their search for discrepancies.
For "strategic cost accounting," Holzwarth proposes the assignment of multiperiodic changes in incoming and outgoing payments to decision alternatives; ibidem p.
Using similar methodology, and including additional variables, we revisit class size effects in our study of factors affecting success in cost accounting.
What is flawed is not the setup reduction itself, but the cost accounting method of calculating its net impact.
GP11-P includes sections that describe uses of cost accounting in the laboratory and explain how to focus resources to optimize the benefits of cost accounting and how to calculate costs of tests.
This study, sponsored by AGA's Professional Corporate Partner, The MIL Corporation, looked at 10 federal entities that have had success with the implementation of Managerial Cost Accounting (MCA) systems and are now reaping the benefits.
Our ability to provide cost accounting and patient analytics across the continuum of care will provide our customers a tremendous opportunity to evaluate the cost, outcomes, and profitability of an episode of care.
Still, according to Jeff Holloway, operations manager with Robert Half International, there is currently a shortage of accountants who have mastered the concepts of traditional cost accounting.
The attached guidance should be used by all DoD contracting personnel in pricing and accounting for DoD contracts subject to the provisions of FAR Part 31 and the applicable Cost Accounting Standards.
Cost information relating to the existing or proposed patented product including cost accounting records and/or engineering feasibility studies.
The global cost accounting system market report defines and segments the concerned market with analysis and forecast of revenue.
Strata Decision Technology has announced that University of Virginia Health System (UVA Health System) has chosen StrataJazz for decision support and cost accounting.

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