What are the elements of Cost Accounting?

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WHAT ARE THE ELEMENTS OF COST ACCOUNTING?
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OVERVIEW OF COST ACCOUNTING

• Cost accounting is the process of collecting,
  analyzing, summarizing, and reporting the price
  incurred by a business for goods and services.
• The purpose of cost accounting is to handle
  direct and indirect costs connected to goods and
  services to maximize profits and maintain market
  competitiveness.
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WHAT ARE THE ELEMENTS OF COST ACCOUNTING?

• There are three elements of cost accounting
• Material cost - the cost of raw materials used in
  the production will count in the Material cost.
  The materials mean tools, equipment, time
  invested in education, and training.
• Labour cost - this is a costly sector for any
  business during the manufacturing and service
  delivery process. This will be done in two ways
  that are automation and maximizing labour
  productivity and performance.
• Other costs - in this, you can include all the
  other costs, like basic salaries, building
  material cost, spare part cost, etc.

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