Unformatted text preview: , raw material and in-process inventory , and may also include trend charts , variance analysis , and other statistics . Also called managerial accounting . On the other hand, Cost Accounting is defined as: Method of accounting in which all elements of cost incurred in carrying out an activity or accomplishing a purpose are collected, classified , and recorded. This data is then summarized and analyzed to arrive at a selling price , or to determine where savings are possible . In contrast to financial accounting (which considers money as the measure of economic performance ) cost accounting considers it as the economic factor of production ....
View Full Document
This note was uploaded on 08/09/2011 for the course ACCOUNTING --- taught by Professor --- during the Spring '11 term at Universidad Iberoamericana.
- Spring '11
- Cost Accounting