Cost accounting is quizlet

  • What is cost-accounting concerned with quizlet?

    Cost Accounting is concerned with determination and use of product and service costs..

  • What is of cost-accounting?

    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.
    Cost accounting is not GAAP-compliant, and can only be used for internal purposes..

  • What is the cost principle accounting quizlet?

    The cost principle dictates that companies record assets at their cost.
    In later periods, however, the fair value of the asset must be used if fair value is higher than its cost..

  • What is the main purpose of cost accounting?

    Cost accounting helps companies identify areas where they may be able to better control their costs, and also informs pricing decisions to ensure profitability.
    Cost accounting figures are used only by a company's internal management team, so collection methods can be customized according to company needs..

  • Accounting costs are explicit costs, also referred to as hard costs, that include business necessities like payroll, production costs and marketing budgets.
  • The cost principle dictates that companies record assets at their cost.
    In later periods, however, the fair value of the asset must be used if fair value is higher than its cost.

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