what is meant by cost accounting Related: Meaning, Scope & Objectives - Introduction to Cost Accounting, Cost Accounting?

Question

what is meant by cost accounting Related:  Meaning, Scope & Objectives - Introduction to Cost Accounting, Cost Accounting?

Answer

Cost accounting is a form of managerial accounting that aims to capture a company's total cost of production by assessing the variable costs of each step of production as well as fixed costs, such as a lease expense.

Answer

Cost accounting refers to the process of collecting, analyzing, and interpreting financial data related to the cost of producing goods or services within an organization. It involves identifying and measuring the costs associated with various activities, such as production, distribution, and administration, and allocating these costs to products or services to determine their true cost. The scope of cost accounting includes cost analysis, cost control, and cost reduction. Its primary objective is to provide accurate and relevant information to management for decision-making and to help the organization optimize its resources and improve profitability.

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