Whereas managerial accounting tracks financial performance relative to strategic plans and budgets, cost accounting estimates costs, allocates overhead costs, and develops standard product costs. This chapter will provide an overview of cost accounting fundamentals. First, the chapter will define the different types of costs and cost purposes. Next, cash flow diagram conventions and uses are discussed in terms of breakeven, profit, and loss. Finally, the fundamentals of cost accounting for materials and components, labor, and overhead allocation are presented.
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