About Cost AccountingLearn More
Cost accounting includes recording, analyzing and reporting costs to the management department. The goal of this type of accounting is to gain an insight into the cost structure of a business that can be used to better manage it and thus improve profitability. Cost accounting is especially useful for understanding which parts of a business are profitable and which need improvement. Unlike financial accounting, this type of accounting is primarily intended for internal operational activities.
This system can also be used to calculate the value of assets and expenses that should be reported in financial statements. For example, an accountant calculates the value of the year-end inventory shown on the balance sheet. In the same way, the accountant calculates and records the cost of the goods sold, which is included in the profit and loss statement. These calculations are not simple, because the cost accountant may need to calculate the cost of goods, allocate overhead costs and separate the costs of by-products.
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Udemy
Raja Natarajan, B.Com., PGDBA, FCA
Cost Accounting - A Comprehensive Study for CA/CMA/CS /ACCA/ 37:57:29
English subtitles
03/16/2024
Udemy
THOMAS CHAKKU., FCA, FCCA, CMA
Accounting made simple for O Level GCSE & IGCSE Exams 11:19:13
11/08/2023
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Linkedin Learning
CRFT Productions and Martin John
Practical Cost Management and Reduction by Using Supply-Side Tools 53:22
English subtitles
07/16/2023
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Linkedin Learning
CRFT Productions and Martin John
Managing and Reducing Costs by Shaping Your Demand 51:30
English subtitles
07/16/2023