Cost accounting is the process of tracking, recording and analyzing costs associated with the products or activities of an organization. Whereas Generally Accepted Accounting Principles (GAAP) are used to govern Financial Statements required by authorities such as governments , auditors and shareholders, cost accounting is governed exclusively by logic. GAAP reporting records historical events and assigns a monetary value to each event that has taken place. Costs are measured in units of currency by convention. Cost accounting could also be defined as a kind of management accounting that translates the Supply Chain (the series of events in the production process that, in concert, result in a product) into financial values. Managers use cost accounting to support decision making to reduce a company's costs and improve its profitability. In order to support decision-making by management it is fundamentally critical that cost accounting is built on systems that will yield relevant, useful data for decision-making (as opposed to GAAP which uses concepts such as historical costs which have no value for decision-making).
can u give some more details regarding keydeliverable of costing department? am doing product costing apart from that what more i can to that, i need some information regarding what are the outputs we get in reality...
hello can u give any suggestions for implementation of activity based accounting..
am facing while implementing the ABC in my company... if change people doesnt wanna change its a major problem what am facing
any suggestions plz guide me ok
If you are knowledgeable about any other fact, resource or experience related to this topic - please add your views using the reply box below. For articles and copyrighted material please only cite the original source link. Each contribution will make this page a resource useful for everyone.