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What Is Cost Accounting?

Definition

Cost accounting is a form of managerial accounting which focuses on the cost structure of businesses. It assigns certain costs to products, services, processes, projects and related activities. Through cost accounting, you can hone in on where your business is spending its money, how much it earns and where you might be possibly losing money. Managers and employees may use cost accounting internally to improve your business’s overall profitability and efficiency.

Elements of cost accounting include

  • Direct and indirect materials
  • Direct labor
  • Overheads

Types Of Cost Accounting

  • Standard Cost Accounting
  • Activity-Based Cost Accounting
  • Marginal Cost Accounting
  • Lean Accounting
  • Life Cycle Accounting

If you still have trouble navigating this concept, its completely understandable. For more information please feel free to contact us at 778-989-5280 or email us at shirin@accountant-vancouver.com & if ever in doubt, reach out to a trusted CPA (Chartered Professional Accountant) for help and they will ensure that you don’t fall into any trouble.

Shirin Moshirfatemi is an experienced Persian accountant based out of North Vancouver which offers CPA services to English and Farsi speaking clients. With more than 20 years of experience, she understands that Persian accounting in Vancouver is invaluable to new comers. Finding a Farsi speaking accountant in North Vancouver which you can trust is invaluable. If you are new to Canada, you don’t need to worry because SMF is the one stop accounting firm for Persian & Farsi speaking accounting services. We work with great partners!

You can also find us through Salam Vancouver MagazineDaneshmand MagazineMeta Marketing, & Salam 118.

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