Cost accounting was

  • What is meant by cost accounting?

    Cost accounting is a method of managerial accounting which aims to capture the total production cost of a business by measuring the variable costs of each production phase as well as fixed costs, such as a lease expense..

  • What is the idea of cost accounting?

    Cost accounting is a managerial accounting process that involves recording, analyzing, and reporting a company's costs.
    Cost accounting is an internal process used only by a company to identify ways to reduce spending..

  • Accounting costs measure the monetary value of taking an action.
    They are the explicit costs involved with the business.
    For example, if a company wants to open a satellite office in a new market, they must make investments, such as new hires, computer equipment, software systems, rent, and inventory.

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