its the practice of calculating the resources incured in producing the final product
Dd
cost accounting is used instead of financial accounting because cost accounting is used to determine the cost of the good produced
Management accounting includes both financial and cost accounting, tax planning and tax accounting. Cost accounting, on the other hand, does not include financial accounting, tax planning and tax accounting.
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.
answer
Cost accounting is a subset of management accounting, although the two are used interchangeably.
compare and contrast cost accounting and financial accounting
what are the various classification of cost accounting?
Nicholas Dopuch has written: 'Solutions manual for Cost accounting' -- subject(s): Cost accounting 'Cost accounting' -- subject(s): Cost accounting
What are the function and responsiblity of Cost Accounting
what are the various classification of cost accounting?
cost accounting advantage & disadvantage