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Cost Accounting Standards. Cost Accounting Standards (popularly known as CAS) are a set of 19 standards and rules promulgated by the United States Government for use in determining costs on negotiated procurements. CAS differs from the Federal Acquisition Regulation (FAR) in that FAR applies to substantially all contractors, whereas CAS applied ...
e. Cost accounting is defined by the Institute of Management Accountants as "a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail. It includes methods for recognizing, allocating, aggregating and reporting such costs and comparing them ...
Inspired by the work of William J. Vatter, Horngren published the influential textbook Cost Accounting: A Managerial Emphasis, in 1962. This was the first of a number of books on financial and cost accounting Horngren co-authored, which shaped the theory of modern-day management accounting. [1]
J. Lee Nicholson. Jerome Lee (J. Lee) Nicholson (1863 – November 2, 1924) was an American accountant, industrial consultant, author and educator [ 1] at the New York University and Columbia University, [ 2] known as pioneer in cost accounting. He is considered in the United States to be the "father of cost accounting."
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. [1] [2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. [3]
In accounting, the cost principle is part of the generally accepted accounting principles. Assets should always be recorded at their cost, when the asset is new and also for the life of the asset. For instance, land purchased for $30,000 is appraised at the much higher value because the housing market has risen, but the reported value of the ...
Grenzplankostenrechnung. Grenzplankostenrechnung (GPK) is a German costing methodology, developed in the late 1940s and 1950s, designed to provide a consistent and accurate application of how managerial costs are calculated and assigned to a product or service. The term Grenzplankostenrechnung, often referred to as GPK, has been translated as ...
True Cost Accounting (TCA) is an accounting approach that measures and values the hidden impacts of economic activities on the environment, society and health. TCA is also referred to as “full cost accounting” (FCA) or “multiple capital accounting (MCA)”. [1] The approach moves beyond purely economic thinking with the aim of improving ...