Cost accounting

Cost accounting is the process of analyzing and tracking the costs associated with running a business. This includes identifying and tracking costs, such as labor and materials, and using this information to make decisions about pricing, production, and operations.

Beginner competence definition

Beginners understand the basic principles of cost accounting and its importance in financial management.

Intermediate competence definition

Intermediate-level individuals are able to create and maintain cost accounting records, including analyzing and interpreting data to make decisions about pricing and production.

Advanced competence definition

Advanced professionals have an in-depth understanding of cost accounting principles, including the ability to use cost data to develop and implement strategic plans for a business.