Everything you need to know about Cost Accounting – Standard Costing and Variance Analysis
annum. In simple words, cost accounting is used to find out how the cost is concluded. Cost accounting is beneficial to keep records of accounts. This helps the management to plan and execute necessary measures, if any, for cost reduction as well as maintain various costs of production and similar things. Types of Cost Accounting One of the major parts of cost accounting is the standard accounting. It focuses on the cost of manufacturing such as manufacturing expenses, direct material…