Cost Accounting

Cost Accounting

What Is My Opinion on Cost Accounting

Accounting is often called “the language of business.” The acceleration of change in our society has contributed to increasing complexities in the “language”, which is used in recording, summarizing, reporting, and interpreting basic economic data for individuals, business, governments, and other entities. Sound decisions, based on reliable information, are essential for the efficient distribution and use of the nations scarce resources. Accounting, therefore, plays an important role in our economic and social system.

The Cost Accounting course focuses on the role of the cost accountant to provide accounting information to managers as an aid in making economic decisions. The course emphasizes the development and application of cost systems as they apply to cost inputs (materials, labor, overhead), and job order versus process costing. Students will be introduced to actual versus standard cost accounting, direct versus full absorption costing, and budgeting.

This is the area of accounting that focuses on cost by examining cost flow, cost per unit, cost behavior, and cost management issues. It measures levels of cost and the impact of those costs on the efficiency and operation of an individual or organization. It is also concerned

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