Introduction to Cost Accounting

W. Armand Layne
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W. Armand Layne: University of the West Indies

Chapter Chapter 1 in Cost Accounting, 1984, pp 1-9 from Palgrave Macmillan

Abstract: Abstract The phrase ‘cost accounting’, when used in isolation, is meaningless; the phrase when related to human effort in the firm is given substance. Cost accounting is a conscious and rational procedure by accountants for accumulating cost1 and relating such costs to specific products or departments for effective management action. Such costs are used in balance sheets and income statements for the purposes of stock valuation and income determination.

Keywords: Cost Unit; Fixed Cost; Cost Accounting; Cost Centre; Cost Element (search for similar items in EconPapers)
Date: 1984
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DOI: 10.1007/978-1-349-17691-5_1

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