COST ACCOUNTING Definition

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COST ACCOUNTING is a managerial accounting activity designed to help managers identify, measure, and control operating costs.

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PRIOR PERIOD refers to accounting periods that have occurred in the past. See also ACCOUNTING PERIOD.

GROSS NEGLIGENCE is any action or an omission in reckless disregard of the consequences to the safety or property of another. Sometimes referred to as "very great negligence" and it is more then just neglect of ordinary care towards others or just inadvertence. Also known as the Latin term culpa lata.

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