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- DictionaryCost ac·count·ing/ˈkɔst əˌkaʊn(t)ɪŋ/
noun
- 1. the recording of all the costs incurred in a business in a way that can be used to improve its management.
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- Cost accounting
A systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail
Cost accounting is defined by the Institute of Management Accountants as "a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail. It includes methods for recognizing, allocating, aggregating and reporting such costs and comparing them with standard costs". Wikipedia
