{"id":24304,"date":"2022-01-03T18:50:35","date_gmt":"2022-01-03T18:50:35","guid":{"rendered":"https:\/\/www.legalraasta.com\/blog\/?p=24304"},"modified":"2021-12-18T07:18:24","modified_gmt":"2021-12-18T07:18:24","slug":"cost-accounting-types","status":"publish","type":"post","link":"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/","title":{"rendered":"Types of Cost Accounting"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p>Cost accounting is a type of cost managerial accounting that aims to capture a company&#8217;s whole cost of production by monitoring both variable and fixed costs, such as a lease payment. Cost accounting is the practise of a company&#8217;s (variable and fixed) costs associated with the manufacture of a commodity being tracked, reviewed, and documented. So that firm executives can make better strategic judgments, implement efficiency, and budget more accurately. The goal of cost accounting is to boost a company&#8217;s net profit margins (how much profit each dollar of sales generates). There are various types of cost accounting.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/#What_does_Cost_Accounting_imply\" title=\"What does Cost Accounting imply?\">What does Cost Accounting imply?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/#Types_of_Costs\" title=\"Types of Costs\">Types of Costs<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/#1_Fixed_costs\" title=\"1) Fixed costs\">1) Fixed costs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/#2_Variable_costs\" title=\"2) Variable costs\">2) Variable costs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/#3_Operating_costs\" title=\"3) Operating costs\">3) Operating costs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/#4_Direct_costs\" title=\"4) Direct costs\">4) Direct costs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/#5_Indirect_costs\" title=\"5) Indirect costs\">5) Indirect costs<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/#Financial_Accounting_vs_Cost_Accounting\" title=\"Financial Accounting vs. Cost Accounting\">Financial Accounting vs. Cost Accounting<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/#Which_are_the_elements_of_cost_in_general\" title=\"Which are the elements of cost in general?\">Which are the elements of cost in general?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/#Benefits_of_cost_accounting\" title=\"Benefits of cost accounting\">Benefits of cost accounting<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/#What_is_the_aim_of_cost_accounting\" title=\"What is the aim of cost accounting?\">What is the aim of cost accounting?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/#Types_of_Cost_Accounting\" title=\"Types of Cost Accounting\">Types of Cost Accounting<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/#1_Standard_Costing\" title=\"1) Standard Costing\">1) Standard Costing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/#2_Activity-Based_Costing\" title=\"2) Activity-Based Costing\">2) Activity-Based Costing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/#3_Lean_Accounting\" title=\"3) Lean Accounting\">3) Lean Accounting<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/#4_Marginal_Costing\" title=\"4) Marginal Costing\">4) Marginal Costing<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/#Cost_accounting_standards\" title=\"Cost accounting standards\">Cost accounting standards<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_does_Cost_Accounting_imply\"><\/span><strong>What does Cost Accounting imply?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Cost accounting is used by a company&#8217;s internal <a href=\"https:\/\/www.legalraasta.com\/blog\/audit-requirements-for-limited-liability-partnership\/\">audit<\/a> committee to identify both contingent and fixed costs associated with the manufacturing process. It will first compute and report all expenses independently, then compare production costs to output outcomes to assist in determining financial performance and future company decisions. Various types of cost accounting includes standard accounting, activity-based accounting etc.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Types_of_Costs\"><\/span><strong>Types of Costs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"1_Fixed_costs\"><\/span>1) Fixed costs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Costs that are unaffected by the quantity of demand. These are frequently monthly interest or leasing payments on a property or machinery that is depreciated at a specified rate. These expenditures will remain constant regardless of whether output volumes increase or decrease.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Variable_costs\"><\/span>2) Variable costs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Costs associated with a company&#8217;s output level. For example, a floral store that is growing its floral arrangement inventory for Valentine&#8217;s Day will see increased prices as it orders more flowers from the nearby nursery or garden center.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Operating_costs\"><\/span>3) Operating costs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Expenses associated with a company&#8217;s day-to-day operations. These pricing can be fixed or variable, depending on the conditions.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Direct_costs\"><\/span>4) Direct costs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Costs are inextricably linked to the production of a product. The direct costs of the final product include the roaster&#8217;s work hours as well as the cost of the coffee beans if a coffee roaster roasts coffee for five hours.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_Indirect_costs\"><\/span>5) Indirect costs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Costs that aren&#8217;t directly tied to a certain product. Because it is inexact and impossible to track specific products, the energy cost to heat the roaster in the coffee roaster example will be indirect.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Financial_Accounting_vs_Cost_Accounting\"><\/span><strong>Financial Accounting vs. Cost Accounting<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Financial accounting is typically utilised by outside investors or creditors, whereas cost accounting is frequently used by management within a corporation to aid in decision-making. Financial accounting uses financial statements to convey a company&#8217;s financial status and performance to outside sources, including sales, expenditures, assets, and liabilities. Cost accounting is particularly beneficial for management in budgeting and establishing cost-cutting measures that will help the company&#8217;s net margins grow in the future.<\/p>\n<p>Cost accounting differs from financial accounting in that, whereas financial accounting categorizes expenses based on the kind of transaction, cost accounting categorizes costs based on management&#8217;s information needs. Cost accounting is not required to follow any consistent standard, such as generally accepted accounting principles (GAAP), because it is employed as an internal management tool. As a result, its applications vary from firm to company and department to department.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Which_are_the_elements_of_cost_in_general\"><\/span><strong>Which are the elements of cost in general?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The numerous costs associated in a normal production unit can be divided into the following categories:<\/p>\n<ul>\n<li>Expenses for materials and labour<\/li>\n<\/ul>\n<p>These can be further divided into the following categories:<\/p>\n<ul>\n<li><strong>Direct<\/strong><\/li>\n<li><strong>Indirect<\/strong><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Benefits_of_cost_accounting\"><\/span><strong>Benefits of cost accounting<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Because they are designed and modified for a specific organisation, cost accounting systems are very scalable and adaptable. Cost accounting is valued by managers because it can be adapted, tweaked, and applied to fit changing market needs. Expense accounting, unlike financial accounting, is primarily concerned with insiders and internal uses. It is governed by the Financial Accounting Standards Board (FASB). Management will analyse data using specific values-based principles, influencing how expenses are established, services are provided, money is earned, and risks are absorbed.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_the_aim_of_cost_accounting\"><\/span><strong>What is the aim of cost accounting?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Cost accounting is beneficial since it demonstrates how a company&#8217;s income is spent, how much it earns, and where it is squandered. Internal cost controls and performance are the focus of cost management, which aims to report on, assess, and improve them. Cost accounting estimates are important for internal controls, even if they cannot be utilised in financial statements or for tax purposes.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Types_of_Cost_Accounting\"><\/span><strong>Types of Cost Accounting<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Below given are the types of cost accounting:<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Standard_Costing\"><\/span>1) Standard Costing<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Instead of individual expenses, standard costing applies &#8220;standard&#8221; costs to the cost of goods delivered (COGS) and inventory. The basic costs are the budgeted number and are based on the most efficient use of labour and resources to make the product or service under normal operating conditions. Despite the fact that the products have standard prices, the corporation must nevertheless pay for specific expenditures. The technique of calculating the difference between the usual (efficient) expense and the actual cost incurred is known as variance analysis. If the variance analysis indicates that real costs are higher than expected, the variance is unfavourable. If it decides that the real costs are lower than projected, the variation is positive. Two factors can generate a positive or unfavourable variation. Then there&#8217;s the input cost, which includes things like labour and supplies.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Activity-Based_Costing\"><\/span>2) Activity-Based Costing<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>ABC is a method of defining and transferring overhead costs from each department to real expense items such as products and services. The ABC cost accounting method focuses on operations, which are defined as any operation, unit of work, or activity performed for a specific purpose, such as putting up manufacturing equipment, designing things, delivering finished goods, or operating machinery. These processes are frequently viewed as expense generators, and they are used to allocate operational costs.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Lean_Accounting\"><\/span>3) Lean Accounting<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Lean accounting&#8217;s main goal is to improve an organization&#8217;s financial reporting processes. Lean accounting is a practical implementation of the lean manufacturing and development principle, which aims to reduce waste while increasing productivity.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Marginal_Costing\"><\/span>4) Marginal Costing<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The effect of adding one additional unit of output on a product&#8217;s cost is known as marginal costing (also known as cost-volume-profit analysis). It&#8217;s useful for making short-term financial decisions. Managers can utilise marginal costing to determine the impact of different cost and volume amounts on operating performance. This form of research can be used by management to provide insight into potentially profitable new items, price rates for present products, and the consequences of marketing initiatives.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Cost_accounting_standards\"><\/span><strong>Cost accounting standards<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Cost Accounting Standards Board (CASB) was established by the Institute of Cost Accountants to give direction and standardisation in costing. The Board has established 24 <a href=\"https:\/\/www.legalraasta.com\/blog\/as-10\/\">accounting standards<\/a> to promote a better knowledge of various aspects of cost and to encourage the application of best practises.<\/p>\n<p>&nbsp;<\/p>\n<blockquote><p>Also read<\/p>\n<p><a href=\"https:\/\/www.legalraasta.com\/blog\/cost-inflation-index\/\">Cost Inflation Index<\/a><\/p>\n<p><a href=\"https:\/\/www.legalraasta.com\/blog\/capital-account\/\">Capital Account | Types of Capital Accounts &amp; it\u2019s Importance<\/a><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Cost accounting is a type of cost managerial accounting that aims to capture a company&#8217;s whole cost of production by monitoring both variable and fixed costs, such as a lease payment. Cost accounting is the practise of a company&#8217;s (variable and fixed) costs associated with the manufacture of a commodity being tracked, reviewed, and documented. [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":24645,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[4809,4807,4810,4808],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cost accounting: Meaning, Benefits &amp; Types of cost accounting<\/title>\n<meta name=\"description\" content=\"The goal of cost accounting is to boost company&#039;s profit margins. Various types of cost accounting are like lean or standard accounting etc.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cost accounting: Meaning, Benefits &amp; Types of cost accounting\" \/>\n<meta property=\"og:description\" content=\"The goal of cost accounting is to boost company&#039;s profit margins. Various types of cost accounting are like lean or standard accounting etc.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/\" \/>\n<meta property=\"og:site_name\" content=\"LegalRaasta Knowledge portal\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-03T18:50:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-12-18T07:18:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.legalraasta.com\/blog\/wp-content\/uploads\/2021\/11\/Role-of-fund-manager-in-mutual-funds-8.png\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Parmeet Chhabra\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Parmeet Chhabra\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/\",\"url\":\"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/\",\"name\":\"Cost accounting: Meaning, Benefits & Types of cost accounting\",\"isPartOf\":{\"@id\":\"https:\/\/www.legalraasta.com\/blog\/#website\"},\"datePublished\":\"2022-01-03T18:50:35+00:00\",\"dateModified\":\"2021-12-18T07:18:24+00:00\",\"author\":{\"@id\":\"https:\/\/www.legalraasta.com\/blog\/#\/schema\/person\/4095c1c7218b91420d8ad871bccf63d6\"},\"description\":\"The goal of cost accounting is to boost company's profit margins. Various types of cost accounting are like lean or standard accounting etc.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.legalraasta.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Accounting\",\"item\":\"https:\/\/www.legalraasta.com\/blog\/category\/types-of-accounting-methods\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Types of Cost Accounting\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.legalraasta.com\/blog\/#website\",\"url\":\"https:\/\/www.legalraasta.com\/blog\/\",\"name\":\"LegalRaasta Knowledge portal\",\"description\":\"Information on company registration, FSSAI, IEC, MSME, trademark, ISO and registrations\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.legalraasta.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.legalraasta.com\/blog\/#\/schema\/person\/4095c1c7218b91420d8ad871bccf63d6\",\"name\":\"Parmeet Chhabra\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.legalraasta.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.legalraasta.com\/blog\/wp-content\/uploads\/2024\/05\/parmeet_chhabra-150x150.jpeg\",\"contentUrl\":\"https:\/\/www.legalraasta.com\/blog\/wp-content\/uploads\/2024\/05\/parmeet_chhabra-150x150.jpeg\",\"caption\":\"Parmeet Chhabra\"},\"description\":\"Parmeet Chhabra, a skilled content writer and editor at LegalRaasta since 2020, with a writing journey of over 5 years, specializes in crafting informative web pages and blogs over diverse domains like education, legal laws, government licences, web development, etc.\",\"sameAs\":[\"https:\/\/www.legalraasta.com\/\"],\"url\":\"https:\/\/www.legalraasta.com\/blog\/author\/bloglr\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Cost accounting: Meaning, Benefits & Types of cost accounting","description":"The goal of cost accounting is to boost company's profit margins. Various types of cost accounting are like lean or standard accounting etc.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/","og_locale":"en_US","og_type":"article","og_title":"Cost accounting: Meaning, Benefits & Types of cost accounting","og_description":"The goal of cost accounting is to boost company's profit margins. Various types of cost accounting are like lean or standard accounting etc.","og_url":"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/","og_site_name":"LegalRaasta Knowledge portal","article_published_time":"2022-01-03T18:50:35+00:00","article_modified_time":"2021-12-18T07:18:24+00:00","og_image":[{"width":700,"height":400,"url":"https:\/\/www.legalraasta.com\/blog\/wp-content\/uploads\/2021\/11\/Role-of-fund-manager-in-mutual-funds-8.png","type":"image\/png"}],"author":"Parmeet Chhabra","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Parmeet Chhabra","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/","url":"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/","name":"Cost accounting: Meaning, Benefits & Types of cost accounting","isPartOf":{"@id":"https:\/\/www.legalraasta.com\/blog\/#website"},"datePublished":"2022-01-03T18:50:35+00:00","dateModified":"2021-12-18T07:18:24+00:00","author":{"@id":"https:\/\/www.legalraasta.com\/blog\/#\/schema\/person\/4095c1c7218b91420d8ad871bccf63d6"},"description":"The goal of cost accounting is to boost company's profit margins. Various types of cost accounting are like lean or standard accounting etc.","breadcrumb":{"@id":"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.legalraasta.com\/blog\/cost-accounting-types\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.legalraasta.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Accounting","item":"https:\/\/www.legalraasta.com\/blog\/category\/types-of-accounting-methods\/"},{"@type":"ListItem","position":3,"name":"Types of Cost Accounting"}]},{"@type":"WebSite","@id":"https:\/\/www.legalraasta.com\/blog\/#website","url":"https:\/\/www.legalraasta.com\/blog\/","name":"LegalRaasta Knowledge portal","description":"Information on company registration, FSSAI, IEC, MSME, trademark, ISO and registrations","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.legalraasta.com\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.legalraasta.com\/blog\/#\/schema\/person\/4095c1c7218b91420d8ad871bccf63d6","name":"Parmeet Chhabra","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.legalraasta.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/www.legalraasta.com\/blog\/wp-content\/uploads\/2024\/05\/parmeet_chhabra-150x150.jpeg","contentUrl":"https:\/\/www.legalraasta.com\/blog\/wp-content\/uploads\/2024\/05\/parmeet_chhabra-150x150.jpeg","caption":"Parmeet Chhabra"},"description":"Parmeet Chhabra, a skilled content writer and editor at LegalRaasta since 2020, with a writing journey of over 5 years, specializes in crafting informative web pages and blogs over diverse domains like education, legal laws, government licences, web development, etc.","sameAs":["https:\/\/www.legalraasta.com\/"],"url":"https:\/\/www.legalraasta.com\/blog\/author\/bloglr\/"}]}},"_links":{"self":[{"href":"https:\/\/www.legalraasta.com\/blog\/wp-json\/wp\/v2\/posts\/24304"}],"collection":[{"href":"https:\/\/www.legalraasta.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.legalraasta.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.legalraasta.com\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.legalraasta.com\/blog\/wp-json\/wp\/v2\/comments?post=24304"}],"version-history":[{"count":4,"href":"https:\/\/www.legalraasta.com\/blog\/wp-json\/wp\/v2\/posts\/24304\/revisions"}],"predecessor-version":[{"id":24646,"href":"https:\/\/www.legalraasta.com\/blog\/wp-json\/wp\/v2\/posts\/24304\/revisions\/24646"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.legalraasta.com\/blog\/wp-json\/wp\/v2\/media\/24645"}],"wp:attachment":[{"href":"https:\/\/www.legalraasta.com\/blog\/wp-json\/wp\/v2\/media?parent=24304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.legalraasta.com\/blog\/wp-json\/wp\/v2\/categories?post=24304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.legalraasta.com\/blog\/wp-json\/wp\/v2\/tags?post=24304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}