What is Cost Accounting? | Types of Cost Accounting | Importance of Cost Accounting Basic Explained

What is Cost Accounting? | Types of Cost Accounting | Importance of Cost Accounting Basic Explained

Cost accounting is essential for businesses to track, analyze, and manage costs effectively. In this video, we explain what cost accounting is, how it helps in cost control and decision-making, and why it’s crucial for financial success. We cover key types of cost accounting, including Standard Cost Accounting, which helps set cost benchmarks, Activity-Based Costing (ABC) for accurate cost allocation, Marginal Costing (Variable Costing) for profit analysis, Absorption Costing (Full Costing) to account for all expenses, and Lean Cost Accounting for efficient cost management. Understanding these cost accounting methods is vital for businesses, accountants, and finance professionals looking to improve profitability and financial planning. Whether you're an accounting student, a small business owner, or someone interested in financial accounting, this video will give you clear insights into cost calculation, cost analysis, and cost management. Watch till the end to learn how cost accounting principles can help you make better financial decisions! Don’t forget to like, comment, and subscribe for more accounting insights!
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Time Stamps:
0:00 Introduction
0:40 What is Cost Accounting?
1:13 Types of Cost Accounting
1:20 1. Standard Cost Accounting
2:25 2. Activity-Based Costing (ABC)
4:16 3. Marginal Costing (Variable Costing)
6:19 4. Absorption Costing (Full Costing)
8:58 5. Lean Cost Accounting
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#accounting #accountingtips #accountingtutorials #costaccounting #accountingandfinance #accountingf
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