ECONOMICS

Detailed explanation-1: -Cost accounting considers all input costs associated with production, including both variable and fixed costs. Types of cost accounting include standard costing, activity-based costing, lean accounting, and marginal costing.

Detailed explanation-2: -Concept of Cost in Cost Accounting It refers to the amount of payment made to acquire any goods and services. In a simpler way, the concept of cost is a financial valuation of resources, materials, risks, time and utilities consumed to purchase goods and services.

Detailed explanation-3: -A cost management plan example could be the budget for a home improvement project. Direct costs would include hired labor and building materials. Indirect costs would include equipment rental fees, insurance, and general maintenance.

Detailed explanation-4: -Cost accounting provides the detailed cost information that management needs to control current operations and plan for the future. Cost accounting information is also commonly used in financial accounting, but its primary function is for use by managers to facilitate their decision-making.