In this video, we will examine Cost Accounting Definition along with its types and purpose.
𝐖𝐡𝐚𝐭 𝐢𝐬 𝐂𝐨𝐬𝐭 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠?
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Cost accounting is the art and science of recording, categorizing, summing up, and examining costs to help management in making reasonable financial decisions.
𝐂𝐨𝐬𝐭 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 𝐏𝐮𝐫𝐩𝐨𝐬𝐞
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#1 - Control Cost
#2 - Cost Calculation
#3 - Decrease of Cost
𝐓𝐲𝐩𝐞𝐬 𝐨𝐟 𝐂𝐨𝐬𝐭𝐬 𝐢𝐧 𝐂𝐨𝐬𝐭 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠
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#1 - Direct Costs
Direct costs are directly involved in the production of goods and services
#2 - Indirect Costs
Indirect Costs are costs that cannot be recognized easily.
#3 - Fixed Costs
Fixed costs are costs that do not alter as production units increase or decrease.
#4 - Variable Costs
Variable Costs are costs that alter as production units increase or decrease.
#5 - Semi - Variable Costs
Semi - Variable Costs is combination of fixed Costs and variable Costs.
To know more about 𝐂𝐨𝐬𝐭 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠, you can go to this 𝐥𝐢𝐧𝐤 𝐡𝐞𝐫𝐞:- www.wallstreetmojo.com/cost-a...
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