InvestorQ : the term is used to denote a procedure of costing or valuing an it materials required
Pankaj oraon made post

the term is used to denote a procedure of costing or valuing an it materials required

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preetam lenka answered.
3 months ago


1)Cost accounting is used internally by management in order to make fully informed business decisions.

2)Unlike financial accounting, which provides information to external financial statement users, cost accounting is not required to adhere to set standards and can be flexible to meet the needs of management.

3)Cost accounting considers all input costs associated with the production, including both variable and fixed costs.

4)Types of cost accounting include standard costing, activity-based costing, lean accounting, and marginal costing.