cost accounting
nounUK /ˈkɒst əˌkaʊntɪŋ/
US /ˈkɔːst əˌkaʊntɪŋ/
Cost accounting is a way of keeping track of how much money a business spends to make things.
The factory uses cost accounting to see how much each toy costs to make.
RELATED WORDS
OTHER MEANINGS
2. A branch of accounting that records and analyzes the costs of producing goods or services.
Cost accounting helps managers decide whether to lower prices or cut expenses.
3. The process of figuring out the total expense of a project or activity.
The school used cost accounting to plan the new playground.
4. A method of tracking spending so a company can control its money better.
Good cost accounting showed the bakery where it was wasting ingredients.