Cost Accounting (Speedy Study Guides)

Business & Finance, Accounting, Management
Cover of the book Cost Accounting (Speedy Study Guides) by Speedy Publishing, Speedy Publishing LLC
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Author: Speedy Publishing ISBN: 9781633839816
Publisher: Speedy Publishing LLC Publication: June 17, 2014
Imprint: Dot EDU Language: English
Author: Speedy Publishing
ISBN: 9781633839816
Publisher: Speedy Publishing LLC
Publication: June 17, 2014
Imprint: Dot EDU
Language: English

Cost accounting allows managers to compare actual costs to budgeted costs incurred during each stage of the manufacturing or production process. Managers may switch from one supplier of raw materials to another or alter their hourly wages based on the information that cost accounting provides. A chart showing the five different components of cost accounting allows accounting personnel to evaluate which method they want to use to calculate, report, and analyze costs and allows non-accounting personnel to visualize the process.

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Cost accounting allows managers to compare actual costs to budgeted costs incurred during each stage of the manufacturing or production process. Managers may switch from one supplier of raw materials to another or alter their hourly wages based on the information that cost accounting provides. A chart showing the five different components of cost accounting allows accounting personnel to evaluate which method they want to use to calculate, report, and analyze costs and allows non-accounting personnel to visualize the process.

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