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cost accounting |
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cost accounting: see accounting accounting, classification, analysis, and interpretation of the financial, or bookkeeping , records of an enterprise. The professional who supplies such services is known as an accountant. Auditing is an important branch of accounting. ..... Click the link for more information. . cost accounting [′kȯst ə′kau̇nt·iŋ] (industrial engineering) The branch of accounting in which one records, analyzes, and summarizes costs of material, labor, and burden, and compares these actual costs with predetermined budgets and standards. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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A company in the manufacturing sector may find that it makes more sense to hire cost accountants to help the business manage production costs and maximize profit than to add staff-level accountants to assist with quarterly reporting. The National Association of Cost Accountants, the predecessor of today's Institute of Management Accountants (IMA), is formed. Activity in the transportation, healthcare and manufacturing sectors is driving the need for bookkeepers, credit and collections specialists, and cost accountants in the East North Central region," Messmer noted. |
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