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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STOP-OR-GO SAMPLING is taking a sample from a population and checking after each sample item is drawn whether the sample supports a desired conclusion. Sampling ceases as soon as that conclusion is supported.

ALLOCATE is to distribute according to a plan or set apart for a special purpose. Examples: a. spread a cost over two or more accounting periods; b. charge a cost or revenue to a number of departments, products, processes or activities on a rational basis.

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