Cost accounting often known as managerial or management accounting, is the branch of accounting that gives financial information and economic to decision makers in a company. The idea of giving information for use in the company (to aid management to plan, direct and control operations) distinguish Cost Accounting from other sections of the accountancy profession. This public information is organized and introduced based on some rules accepted accounting principles (GAAP), the broad rules that guarantee the user of the fundamental framework supporting the information.
Alternatively, cost accounting is limited mainly to make use of within the company to aid management in the process of producing options that will profit the stockholders by maximizing company profits that translate in to maximizing stockholder wealth. Because the information is used internally, the information may be introduced on any logical basis on condition that it will aid the manager to reach an appropriate, informed decision.
A small number of ideas in cost accounting, though, form the bridge between financial accounting and managerial accounting topics. Such idea is that of product costing for an industrialized company. Not only is this information used inside in decision making (e.g., does a company produce or buy a part?), product costing is too used to decide the historical basis to account for the cost of manufactured goods sold in the coursework of a period and the cost of the unsold stock that stays as an asset on the statement of financial position at the end of the period.
Many cost accounting ideas are beneficial for management in decision-making, both for developed and service companies. While plenty of the ideas discussed below are appropriate to both types of companies, the basis for easiness of discussion will be that of a manufacturing company. so, some of the ideas to be discussed contain understanding the distinction among manufacturing and non-manufacturing costs (and how these are revealed in the financial statements), computing the cost of manufacturing a product (or providing a service), recognizing cost behavior so as to utilize cost-volume-profit relationships, budgeting, setting prices and budgetary controls, and capital budgeting.
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