Broadly speaking cost accounting can be defined as

  • What is cost accounting also known as?

    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..

  • CIMA, London defines cost accountancy as the application of costing and cost accounting principles, methods and techniques to the science, art and practice of cost control and the ascertainment of profitability as well as presentation of information for the purpose of managerial decision making".
Broadly speaking, cost accounting can be defined as a(n) internal reporting system that provides product costing and other information used by managers in performing their functions. The set of processes that convert inputs into services and products that consumers use is called. The Value Chain.
Cost accounting informs budgeting decisions, product/service pricing and business strategy. Cost accounting is integral to business decision-making and provides methodologies for ascertaining, controlling, and reducing costs to optimize profitability.

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