Question

What item is not included in cost accounting ​

Answer 1

Answer:

Loss on sale of fixed assets will not appear in cost accounting. Debit cash for the amount received, debit all accumulated depreciation, debit the loss on sale of asset account, and credit the fixed asset.

Answer 2

• An item that cannot be included in cost accounting is the profit or loss on the sale of fixed assets.
• Cost accounting means recording all the business transactions which are related to the cost or the cost incurred in a business.
• This type of accounting helps to determine the actual cost which was incurred for the manufacturing of a product or a service.
• All types of costs like rent, depreciation, and other expenses are recorded in cost accounting.
• Cost accounting is very important for business as it helps to understand analyze and improve efficiency by controlling the cost.