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What
is Cost Accounting
To answer what is cost accounting, we need to answer these questions:
- Who works with Cost Accounting?
- What does the Cost Accountant do?
Who works with cost accounting?
The Cost Accountant
primarily. He or she usually is required to have a
Bachelor's degree in Accounting.
What
does the Cost Accountant do?
- Maintains costs
of products or services for a company.
- Produces various cost reports
for Management.
- Establishes burden
rates for parts.
- May be on teams to reduce costs and price new
work.
What
is costing for?
- Primarily for reporting costs to Management for
decision making.
- Also costs are used to budget and plan for the
future.
- Costs are used to determine pricing of new work.
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