Cost accounting

Cost accounting provides the detailed cost information that management needs to control current operations and plan for the future.Often considered a subset of managerial accounting, its end goal is to advise the management on how to optimize business practices and processes based on cost efficiency and capability.It includes methods for recognizing, classifying, allocating, aggregating and reporting such costs and comparing them with standard costs.Cost accounting is defined as "a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in details.

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