Cost accounting ll

  • What is cost sheet L?

    Definition: A cost sheet is a statement which represents the various costs incurred at different stages of business operations, in a tabular format.
    It determines the total cost or expenditure made by the organization, along with the cost incurred on each unit of a product or service in a particular period..

What is cost accounting & how does it work?

Cost accounting is a valuable tool you use to reduce and eliminate costs in a business.
You also use cost accounting to determine a price for your product or service that will allow you to earn a reasonable profit.
Familiarize yourself with the most important formulas, terms, and principles you need to know to apply cost accounting.

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What is the difference between standard cost accounting and lean accounting?

Standard cost accounting looks at the actual manufacturing of goods and the costs of making the product.
This works well in the manufacturing industry.
Lean accounting focuses on efficiency and the time it takes to fulfill an order.
Instead of focusing on actual production output, it defines costs along the individual product line.


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