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Cost accounting involves collecting, analyzing and summarizing various courses of action. Then, accounting advises the management on what to do.

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Q: What do you understand by cost accounting?
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Why cost accounting is used instead of financial accounting?

cost accounting is used instead of financial accounting because cost accounting is used to determine the cost of the good produced


What is accounting research?

Accounting research is research that will help accountants understand the meaning of what they do. They could research different cost approaches to get a better idea of what will work best for the organization.


Why accounting profit is higher than economic profit?

First of all, we need to understand what is explicit cost and implicit cost. Explicit cost mean real expenses, while implicit cost mean opportunity cost. In accounting profit, we only minus explicit cost, while in economic profit we minus explicit cost and implicit cost. therefore accounting profit is higher than economic profit.


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