Define Cost Accounting
Cost accounting is the process of collecting, summarizing, analyzing and reporting in monetary terms tailor made information to management showing the costs and benefits of pursuing each alternative course of action open to management.
The cost figures that will be useful to management in deciding on long-term pricing strategy will be different from the ones for short-term pricing, especially, when the firm is operating at capacity. Cost accounting is the process of collecting, summarizing, analyzing and reporting in monetary terms tailor made information to management showing the costs and benefits of pursuing each alternative course of action open to management. The cost figures that will be useful to management in deciding on long-term pricing strategy will be different from the ones for short-term pricing, especially, when the firm is operating at capacity.
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