What is cost accounting?

Cost accounting is used by a company's internal management team to identify all variable and fixed costs associated with the production process. It will first measure and record these costs individually, then compare input costs to output results to aid in measuring financial performance and making future business decisions.

What are the techniques used by Cost Accountants?

Various techniques used by cost accountants include standard costing and variance analysis, marginal costing and cost volume profit analysis, budgetary control, uniform costing, inter firm comparison, etc. Evaluation of cost accounting is mainly due to the limitations of financial accounting.

Is cost accounting a costing method?

Even though cost accounting is commonly called a costing method, the scope of cost accounting is far broader than mere cost. Costing methods determine costs, while cost accounting is an analysis of the different types of costs a company incurs.