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Definition of

cost accounting


preparation of accounts detailing business costs the process of preparing special accounts of manufacturing and sales costs

Recommended Further Reading (Term count)
  • Auditing in Volatile Markets
    by James Roberts
    There is no doubt that everything is much more fraught when markets are crashing. These circumstances make management’s life much more difficult. In a very uncertain environment, when all the figures, the key numbers for a company, are in play, it becomes particularly challenging for both management and auditors. For a start, very volatile markets create in turn a great deal of volatility in corporate balance sheets, and users of accounts do not...
  • Activity-Based Costing
    Activity-based costing (ABC) attempts to create the big picture—crystal-clear, full, and accurate—by painting assorted little pictures.ABC identifies the relationship between a business activity and all the resources needed to conduct it by assigning costs to each of those resources, thus presenting the true total expense of the entire activity. ABC can account for so-called “soft,” or indirect, operating costs, and thus produce a more...
  • Cost and Effect: Using Integrated Cost Systems to Drive Profitability and Performance
    Robert S. Kaplan and Robin Cooper (1997)
    Two highly respected academics present a resource for understanding and implementing activity-based cost management, and show how to improve company profits and performance. Provides a detailed blueprint to enable managers to make better decisions and to promote organizational learning. Explains why activity-based costing has great benefits, not only for accounting but also management and business strategy.
  • Management Accounts
    Company accounts fall into two categories: financial and management. While financial accounts are regulated and audited reports of financial transactions and processes, the management accounts are designed to help key business executives understand the overall performance of the business. Most companies produce these reports monthly or quarterly.

Definitions of ’cost accounting’ and meaning of ’cost accounting’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’cost accounting’ and other financial terms with our online QFINANCE Financial Dictionary.

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