Cost Accounting

Tax Glossary Definition

Cost Accounting

Cost accounting is a systematic method of recording, analyzing, and controlling the costs associated with production and business operations. It helps organizations determine the cost of products or services, optimize resource usage, and support pricing decisions. In taxation, it can also provide justification for certain deductions and expenses claimed.

Example: A manufacturing company uses cost accounting to calculate the cost per unit of production, which helps in pricing products competitively and supporting expense claims for tax purposes.

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