Cost Accounting
Cost Accounting is a branch of accounting that is concerned with the determination and analysis of the costs incurred in the production of goods or services. It involves recording, classifying, analyzing, and interpreting the costs of products or services for the purpose of management decision-making, control, and cost reduction.
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Cost accounting involves identifying the cost of each activity or process involved in the production of a product or service, and then assigning those costs to the final product or service. This helps companies to better understand the cost of their products or services and make more informed decisions about pricing, production, and resource allocation.
The main objective of cost accounting is to provide management with accurate and timely information about the cost of goods or services, as well as to identify areas where costs can be reduced. Cost accountants use various methods and techniques to analyze costs, including standard costing, activity-based costing, and marginal costing.
In general, It plays a vital role in helping businesses to understand their costs, enhance their productivity, and boost their profitability.
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