Cost Accounting – An introduction

Cost Accounting It provides information for both management accounting and financial accounting. It measures and reports from financial and non financial data.

• Cost accounting measures and reports information relating to the cost of acquiring and utilizing resources

• Cost accounting provides information for management and financial accounting

• Cost management describes the approaches and activities of managers in short-run and long-run planning and control decisions

• These decisions increase value of customers and lower costs of products and services

• Cost management is an integral part of a company’s strategy