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Cost accounting is an advisory branch to the management accounting sub stream. Like all other accounting domains, this branch is essentially a synthesis of communicating business related information through numbers and terminology indicating the current and future occurrences in the cost or the monetary aspect of the firm. The occurrences include investments, risks, outcomes and possible plans of actions for different scenarios. This filed is unique in its standards of communication based on the individual environment of each firm to which it is being reported. This implies there are no set regulations for the practices in this internal reporting domain.

There are different practices and procedures defined internally by either the cost accountants. On the other hand, the philosophy of cost accounting propounds certain procedures to outline the easiest routes to provide maximum simulative outcomes and alternate courses of action. The origins of this domain can be traced back to the early 19th century, when the businesses were often linear with one revenue input and output.

At this juncture the advent of large scale manufacturing led to parallel investments from multiple stake holders [most likely agreed upon as the foundations of the corporations] and many outputs from byproducts and maximum production utilization made the business reporting a complex issue. This presented a need for a more versatile accounting system with multiple paths of analysis. In addition, prediction of trends became the need of the hour in order to attract investors. The answer to these issues was found in redefining the costing principles of the business as follows.

There are two different types of costs namely variable and fixed costs. The variable costs are the directly tied to the production and are direct costs such as purchasing raw materials, fuel for the machinery and salaries of the work force. These were in fact the only costs involved in a business that increased or decreased with production. For example if 10 units would induce 10/x USD, then producing 5 units must cost half as less. A change on this format of decision making was brought forth due to the industrial revolution.

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