Cost Accounting (Noun)
Meaning
Keeping account of the costs of items in production.
Classification
Nouns denoting acts or actions.
Examples
- The company hired a cost accounting team to track expenses and optimize the production process for their new product line.
- To stay competitive in the market, effective cost accounting is crucial in identifying areas where the company can cut costs.
- Cost accounting techniques help manufacturing companies analyze the profitability of each product or department.
- The cost accounting department began by categorizing all production costs into material, labor, and overhead to better understand where expenses were highest.
- With the introduction of the new cost accounting software, the company was able to streamline its inventory management and costing processes more efficiently.