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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
Fig. 28 Cost. Major elements of cost.click for a larger image
Fig. 28 Cost. Major elements of cost.

cost accounting

see MANAGEMENT ACCOUNTING.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
References in periodicals archive ?
The profession's cost accountants are collectively plunging a ruler into an oven to determine its temperature--it's the wrong measuring device.
You'll need to enlist some support: The supplier can likely help you write the price versus value equation, and the cost accountant can certainly help you solve it.
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].
Cost accountants are divided into two groups according to job responsibilities.
That's how we did work-in-process inventory back then." Herb enjoyed a long career at Pitney, starting as a cost accountant, moving up to supervisor, then to payroll supervisor, and then to senior financial analyst.
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.
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.
The cost accountant was born in a business world that is far different from today.
I am a Chartered Accountant and also a Cost Accountant from India.

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