Cost accounting

Cost Accounting Standards Board (CASB)
a body established by Congress in 1970 to promulgate cost accounting
standards for defense contractors and federal agencies; disbanded
in 1980 and reestablished in 1988; it previously issued ...

cost accounting
The accounting focused on determining the cost per unit of a manufacturer in order to value inventory and cost of goods sold.

Cost Accounting Standards Board (CASB)
body established by Congress in August 1970 to promote consistency in costaccounting practices and to aid in the fair and accurate reporting of actual costs of governmental contracts.

Current cost accounting
Current cost accounting attempts to provide more realistic book values by valuing assets at current replacement cost, rather than the amount actually paid for them. This contrasts with the usual historical cost approach.

Historical cost accounting values assets at the price paid for them at the time they were acquired without making an adjustment for inflation, in contrast to current cost accounting.

HISTORICAL COST ACCOUNTING - an accounting principle requiring all financial statement items to be base...
HISTORICAL COST ACCOUNTING CONVENTION - An accounting technique that values an asset for balance sheet ...

Cost Accounting
Procedures used for rationally classifying, recording, and allocating current or predicted costs that relate to a certain product or production process.

Cost accounting: This term is sometimes used synonymously with management accounting, and sometimes used to refer to the accounting system and methods used to determine and track the cost of inventory in manufacturing and merchandising firms.

Cost Accounting
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Look up cost, time-consuming in Wiktionary, the free dictionary.

Cost Accounting System:
What method do you use? (Are they on UNICAP? Have they tried to avoid UNICAP by using lower of cost or market? Some wineries have used bulk wine spot prices or other estimates of fair market value.) ...

Cost Accounting
A branch of accounting that provides information to help the management of a firm evaluate production costs and efficiency.
Cost Basis ...

COST ACCOUNTING - That method of accounting which provides for accumulating and recording of all the elements of cost incurred to accomplish a purpose, to carry on an activity or operation, or to complete a unit of work or a specific job.

Cost Accounting Method
Used when a company owns less than 20% of a subsidiary.
Cost of Goods Sold ...

Cost accounting - Is concerned with cost accumulation for inventory valuation to meet the requirements of external reporting and internal profit measurement. (see management accounting) ...

Process Cost Accounting
In Chapter 21, Job Order Costing, we examined a costing system used for small custom batches of products. In contrast, Lesson 22 is concerned with process costing-a system used for manufacturing situations involving 1) ...

Cost Accounting
Cost of goods sold:
A total that represents the cost of buying raw material and producing finished goods such as overhead, labor, and utilities.

Cost accounting: indirect manufacturing costs (such as property taxes and insurance) are called absorbed costs. They are differentiated from variable costs (such as direct labor and materials). See also Direct Overhead.

cost accounting
Cash-basis and accrual-basis
financial accountancy
internal and external accountancy
management accounting ...

Cost accounting can be defined as the collection, assignment, and interpretation of cost. Subsequent chapters introduce alternative costing methods. It is important to know the cost of products and services.

Cost Accounting Standards Board - CASB
A U.S. federal government body that has the mandate of promoting consistency and uniformity in cost accounting activities involving government grants and contracts.

Cost accounting is a managerial accounting activity designed to help managers identify, measure and control operating costs.
Cost behaviour
Cost behaviour is the way in which costs react or respond to changes in the level of business activity.

In cost accounting applications, the share of costs imputed, attributed or allocated to the cost center or product being measured.
indirect leases ...

current cost accounting
Association of Chartered Accountants in the United States
fair value accounting ...

Historical Cost Accounting Convention
An accounting technique that values an asset for balance sheet purposes at the price paid for the asset at the time of its acquisition.

Current Cost Accounting
A valuation method whereby assets and goods used in production are valued at their actual or estimated current market prices at the time the...(Read more)
Current Income ...

Current cost accounting (CCA): a system of accounting which recognizes the fluctuating value of money by measuring current value by applying specific indices and other devices to historical costs.

In cost accounting, it's the difference between the actual cost and the standard cost of the cost components. In financial accounting it's the difference between actual income and expenses and budgeted amounts, or between comparative statements (e.

replacement cost accounting An accounting method which allows for additional depreciation on some part of...

Replacement cost accounting An accounting method that includes as part of depreciation the difference between the original purchase price of an asset and the current replacement cost.

The acquisition cost accounting amount is always calculated at the amount after all discounts, closing costs, transfer costs, and other adjustments are made.

In cost accounting, this is a way for an accountant to analyze and measure the cost behavior of a firm. The process involves examining cost drivers and classifying them as either fixed or variable costs.

Because balance sheets are based on historic cost accounting, they may bear little resemblance to current market values.

LIFO and FIFO are terms commonly used in inventory control, in cost accounting and in computer science. They all stand for literally the same phrases, but it means something different in each application.

This is because a higher Operating Profit Margin shows the company can keep its costs under control (successful cost accounting).

In terms of cost, accounts audits are defined as the process of substantiating the cost of production of any item based on accounts of the use of labor or materials by the company. The cost audit provides assurance that the cost accounting plan has ...

See also: Expense, Values, Banks, Acquisitions, Mergers