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What are the different types of cost accounting?

The different types of cost accounting include standard costing, activity-based costing, lean accounting, and marginal costing. Standard costing uses standard costs rather than actual costs for cost of goods sold (COGS) and inventory. Activity-based costing takes overhead costs from different departments and pairs them with certain cost objects.

What is cost in accounting?

Cost can be defined as the amount (measured in terms of money) paid for goods and services received (or to be received). Accountants and managers use many different concepts of cost, each usually for a different purpose.

What are the most common costs involved in cost accounting?

Here are a few of the most common costs involved in cost accounting. A direct cost is a cost directly tied to a product's production and typically includes direct materials, labor, and distribution costs. Inventory, raw materials, and employee wages for factory workers are all examples of direct costs.

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