Unit 17 — Cost Accounting

This unit discusses cost accounting and how it differs from financial accounting. We try to carefully explain the key vocabulary and different approaches.

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Vocabulary Builder Activity

Students will learn the following key terms and phrases:

Anticipate Appreciable Attributable to Bottom-line Breakeven point Budget Classify Cost accounting Cost reduction Costs incurred Feasibility Implement Matching principle Notional Opportunity costs Overall Project Relative Successive Underlying

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Reading Activity: Cost accounting

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Management accounting is based heavily on cost accounting, but unless you have worked in this area you are unlikely to know exactly what it is. So, what is cost accounting? At its simplest cost accounting is a method of evaluating the overall costs, both actual and notional, which are attributable to conducting business. This could be a per unit cost on goods produced, or a per hour cost for…

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