Cost accounting is a type of management accounting that considers both fixed expenses, such a renting payment, and the variable costs associated with each stage of the manufacturing process in order to determine the overall cost of production for a business.
Management may make informed company decisions with the aid of internal cost accounting.
In opposed to financial accounting, which provides data to external financial statement customers, cost accounting is not bound by predetermined guidelines and can be modified to meet the specific requirements of management.
Cost accounting is therefore not consistent with GAAP and cannot be utilized on official financial statements.
All production-related input costs, both variable and fixed, are taken into account in cost accounting.
Among the several forms of cost accounting are standard costing, activity-based costing, marginal costing, and lean accounting.
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