ECONOMICS

Detailed explanation-1: -(a) The three phases of cost accounting are: cost determination and measurement; cost planning and control through budgets and standards; and cost analysis for decision making.

Detailed explanation-2: -Types of cost accounting include standard costing, activity-based costing, lean accounting, and marginal costing.

Detailed explanation-3: -Cost accounting is a process of assigning costs to cost objects that typically include a company’s products, services, and any other activities that involve the company. Cost accounting is helpful because it can identify where a company is spending its money, how much it earns, and where money is being lost.

Detailed explanation-4: -A cost accounting system helps determine how much the production of a good or service will cost. There are two types of systems: job order costing and process costing.