What is Cost Accounting – Concept, Objectives, Types & Methods

Objectives of cost accounting

- The goal of cost accounting is to identify the processes used for recording, categorising, and allocating expenses for supplies, salaries, and overhead.

- This is essential to ensure that the price of goods and services can be determined with accuracy

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Types of Cost

- Fixed cost

- Variable cost

- Opportunity cost

- Sunk costs

- It is crucial to first comprehend the different forms of costs before beginning to analyse the various costs.

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Types of cost accounting

– Standard Cost accounting

– Activity-based costing

– Lean accounting

– Marginal costing

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Methods of costing

– Job costing

– Batch costing

 – Process costing

– Operating costing

– Contract costing

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