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 ?
In the majority of cases, cost accountants either uncritically noted the need to integrate their cost systems with the general ledger or were critical of the effects of this requirement on the quality of information produced for management decision-making.
Cost accountants are divided into two groups according to job responsibilities.
Recently, profound advances in technology have created both threats and opportunities for those employed in companies as cost accountants, cost managers, and business analysts.
Call center and customer service people are in demand, as are cost accountants, financial analysts, AP/AR specialists, and tax accountants, due to new government regulations and tax codes.
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.
If it's used on a regular basis, though, cost accountants should consider creating accounts for the new ABC data in the chart of accounts.
STAFF AND SENIOR ACCOUNTANTS, COST ACCOUNTANTS, COLLECTIONS SPECIALISTS, and accounting clerks are the specialties most in demand among businesses today, according to the Robert Half and Accountemps 2002 Salary Guide released last month.
He has also authored more than a dozen articles for national magazines and was a contributor to the Cost Accountants Handbook published by Dow Jones-Irwin.
Expression of Interest are invited for Empanelment Of Firms Of Chartered Accountants/ Cost Accountants (Within 15 Days)
New Delhi, May 21 ( ANI ): The Institute of Cost Accountants of India celebrated its Annual Day in which Mr.
Financial managers and cost accountants would be highly interested in Chapter 5.