Cost and management accounting is a form of accounting that aims to maximise profit by managing revenues and expenses. It provides data and reports used by managers to inform their strategies around long-term profit and growth.
Watch this 1 minute video, where Janine Daniels, Head Tutor of the University of Cape Town Cost and Management Accounting online short course, further expands on the concept of cost accounting.
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Cost management accounting is a form of accounting that aims to improve a company’s profitability by managing, controlling and eliminating expenses. Cost accounting helps businesses determine the costs of products, projects and processes, which shows the company where its earning and losing money and is an integral part of budget planning. Cost and management accounting provides data and analyses reports that can be used by managers to make decisions that will lead to long term profits and growth.