My Ssec Capstone Project Cost accounting

Cost accounting

Cost accounting : Cost accounting is a process of recording, classifying, analyzing, summarizing, allocating, and evaluating various alternative courses of action for the control of costs. Cost accounting provides the detailed cost information that management needs to control current operations and plan for the future.1
Inventory management systems : Companies with physical inventory can use managerial accounting reports to make their manufacturing processes more efficient.
Job costing systems : Job cost reports show expenses for a specific project. They are usually matched with an estimate of revenue so the company can evaluate the job’s profitability. This helps identify higher-earning areas of the business so the company can focus its efforts there instead of wasting time and money on jobs with low profit margins.
Price-otimizing systems : Price optimization is the use of mathematical analysis by a company to determine how customers will respond to different prices for its products and services through different channels. … The data used in price optimization includes operating costs, inventories and historic prices and sales.