Cost accounting simple

  • Types of accounting

    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..

  • Why is cost accounting important in simple words?

    Controlling costs: Cost accounting helps the management foresee the cost price and selling price of a product or a service, which helps them formulate business policies.
    With cost value as a reference, the management can come up with techniques to control costs with an aim to achieve maximum profitability..


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