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Understanding Cost Accounting and Cost Accounting Types

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Understanding cost accounting requires answering the following questions:
  • What is Cost Accounting?
  • Are there different types of Cost Accounting?
  • What type of companies use it?



What is Cost Accounting?

Cost Accounting is a career in which the accountant maintains the costs of products or services for a company.

Using various reports he reports costs, profits, waste and he creates many unique reports as required.


He establishes burden rates and often is in charge of creating forecasts, budgets and business plans for the company.

The accountant also maintains inventory valuations and may become part of several teams to reduce costs and price new work.


Are there different types of cost accounting?
  • Lean Cost Accounting

What types of companies use it?
  • Manufacturing of all kinds
  • Service type industries
  • Hospitals and health care providers


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