A method of accounting in which all costs incurred in carrying out an activity or accomplishing a purpose are collected, classified, and recorded. This data is then summarized and analyzed to arrive at a selling price, or to determine where savings are possible.
Use cost accounting in a sentence
The cost accounting skills of the certified public accountant were demonstrated when he analyzed our inventory despite our lack of records.
It may be easier to use a cost accounting strategy for certain projects to figure out what your bottom line really is.
Depending on the type of business you run it may be easier to keep a cost accounting form of records instead of the traditional form.