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Cost Accounting Fundamentals

• First Online: 19 November 2021

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• Teddy Steven Cotter 6  

Part of the book series: Topics in Safety, Risk, Reliability and Quality ((TSRQ,volume 39))

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Whereas managerial accounting tracks financial performance relative to strategic plans and budgets, cost accounting estimates costs, allocates overhead costs, and develops standard product costs. This chapter will provide an overview of cost accounting fundamentals. First, the chapter will define the different types of costs and cost purposes. Next, cash flow diagram conventions and uses are discussed in terms of breakeven, profit, and loss. Finally, the fundamentals of cost accounting for materials and components, labor, and overhead allocation are presented.

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Department of Engineering Management & Systems Engineering, Old Dominion University, Norfolk, VA, USA

Teddy Steven Cotter

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Cotter, T.S. (2022). Cost Accounting Fundamentals. In: Engineering Managerial Economic Decision and Risk Analysis. Topics in Safety, Risk, Reliability and Quality, vol 39. Springer, Cham. https://doi.org/10.1007/978-3-030-87767-5_3

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DOI : https://doi.org/10.1007/978-3-030-87767-5_3

Published : 19 November 2021

Publisher Name : Springer, Cham

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Online ISBN : 978-3-030-87767-5

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