cost accounting
Definition
Method of accounting in which all elements of cost 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. In contrast to financial accounting (which considers money as the measure of economic performance) cost accounting considers it as the economic factor of production.
cost accounting is in the Accounting & Auditing, Banking, Commerce & Finance and Entrepreneurship, Management, & Leadership subjects.
cost accounting appears in the definitions of the following terms:
applied overhead,
Taylorism,
traceability,
tracing,
fixed cost,
interest,
financial accounting,
cost unit,
applied cost,
accounting concepts
and
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