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A Basic Guide of Cost Accounting

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A Basic Guide of Cost Accounting
By James Jon – May 08, 2019
Cost accounting is the
method of accounting
that generally deals with
the calculation of the cost
involved in carrying on
particular business
activity or a project.
This method of accounting
evaluates the entire cost
incurred by a business and
helps in optimizing the
practices and process of
business in a cost-effective
manner.
The process of cost
accounting also records
accurate information
about the expenses that
occur in the various
departments of the
organization.
The cost accounting
uses various
approaches that help
management in the
decision making the
process.
Some of the most popular approaches to cost accounting are:
01
04
Activity-based costing
Standard cost
accounting
02
Life cycle costing
05
Throughput
accounting
03
06
Project accounting
Target Costing
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The cost accounting is essential for all types of business whether it is
small or big enterprise. It is the most effective way of tracking all the cost
related activities occurring in the organization.
The data and information
generated by this method of
accounting are useful for
controlling the cost involved in
current operations. It also protects
the business from unnecessary
expenses and loss.
Using cost accounting can
be beneficial in many
ways for all kind of
business organization.
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