What exactly is cost accounting?

This is the process of gathering, measuring, analysing, interpreting, and reporting cost information that is both useful and relevant to a business entity's internal and external stakeholders. 

External stakeholders are those who have a financial stake in a company or business. Banks (loans), financial institutions (mortgages), investors (investments), and so on. Internal stakeholders include company directors, managers, division heads, and so on.

 

One of the many advantages of cost accounting is that it converts data into information, knowledge, and wisdom about the operations of a business entity that can be used for:

Another advantage is that information on the costs of programmes and activities can be used to estimate future costs when planning and reviewing. 

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