ECONOMICS

Detailed explanation-1: -Cost accounting is based on estimated figures. Manufacturers use a cost accounting system to track production processes in a perpetual inventory system. In other words, it’s a manufacturing-specific accounting system that maintains track of inventory as it goes through the various stages of production.

Detailed explanation-2: -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-3: -Cost Accounting is based on the Double Entry System. (Option B) The process of creating records of all the costs borne while conducting a business is referred to as cost accounting. The costs involved in buying inputs, the costs of maintaining and storing the output, etc.

Detailed explanation-4: -A unit cost is a total expenditure incurred by a company to produce, store, and sell one unit of a particular product or service. Unit costs are synonymous with cost of goods sold (COGS). This accounting measure includes all of the fixed and variable costs associated with the production of a good or service.