cost accounting

noun

: the systematic recording and analysis of the costs of material, labor, and overhead incident to production

Examples of cost accounting in a Sentence

Recent Examples on the Web Year 3-4: Students engage in more specialized courses such as advanced financial accounting, managerial accounting, cost accounting, and strategic management. Bryce Welker, Miami Herald, 22 Feb. 2024 Moreover, historical cost accounting for securities holdings is inconsistent with transparency, which is central to effective bank supervision. Robert Litan, Fortune, 14 Apr. 2023 These standards were established to achieve uniformity and consistency in the cost accounting principles followed by contractors to estimate, accumulate and report costs and to require contractors to disclose in writing their cost accounting practices. Jennifer Eubanks, Forbes, 19 July 2022 So, take a hard look at your spending and make some changes (e.g., to a lower-cost accounting software). Mike Kappel, Forbes, 15 July 2022 The cost accounting system must identify what costs are considered direct and what costs are considered indirect. Jennifer Eubanks, Forbes, 19 July 2022 Large government contractors are required to comply with these cost accounting standards. Jennifer Eubanks, Forbes, 19 July 2022 Last month, leaders and advocates gathered at the first-ever UN Food Systems Summit to chart a course for transforming how food is produced around the world—which will require true-cost accounting. Rajiv J. Shah, Fortune, 22 Oct. 2021 Food and raw material prices should shift to true-cost accounting models so that all externalities and subsidies are taken into consideration of pricing. Errol Schweizer, Forbes, 30 Aug. 2021

These examples are programmatically compiled from various online sources to illustrate current usage of the word 'cost accounting.' Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Send us feedback about these examples.

Word History

First Known Use

1894, in the meaning defined above

Time Traveler
The first known use of cost accounting was in 1894

Dictionary Entries Near cost accounting

Cite this Entry

“Cost accounting.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/cost%20accounting. Accessed 15 Jun. 2024.

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