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 for a larger image
Fig. 28 Cost. Major elements of cost.

cost accounting

References in periodicals archive ?
Cost accountants are divided into two groups according to job responsibilities.
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.
After moving back to Kolkata in 1952, I formed the Students' Society of Cost Accountants with Mr A H Forster FCWA.
Beginning with the industrial revolution at the turn of the 20th century, the demand for people to account for manufacturing costs created a ground swell of jobs for cost accountants.
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.
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.
New Delhi, May 21 ( ANI ): The Institute of Cost Accountants of India celebrated its Annual Day in which Mr.
In the private sector, experienced internal auditors and cost accountants should command greater than average salary gains, while starting salaries for high-level financial professionals will register moderate gains in 1990.
aGlance products allow process control engineers, plant managers, and plant cost accountants to bring real-time or historical process data directly into their PC spreadsheet packages such as Microsoft Excel for Windows.
New Delhi, May 4 ( ANI ): The Institute of Cost Accountants of India on Saturday said it wishes to extend full support to the government's efforts in arresting the incidence of corporates defrauding investors by inducing them with logically improbable returns on investment.