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28 May, 02:56

Which of the branches of accounting is primarily concerned with recording, classifying, allocating, and reporting current and prospective costs?

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  1. 28 May, 03:20
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    Cost Accounting

    Explanation:

    The branches of accounting that is primarily concerned with recording, classifying, allocating, and reporting current and prospective costs is cost accounting.

    Cost Accounting is the collecting, recording, classifying, and appropriately allocating costs of an expenditure; and the categorization and reporting of all such costs either currently and prospectively.

    Therefore a broader look at costing means that it entails

    Collection of costs which are attributable to products or services

    Classification of costs into material, labor or overheads

    Recording the costs as they occur to avoid omission

    Computation of total costs

    Allocation of overhead costs to products and jobs

    Reporting the total costs for the period and by extension the standard costs for future periods
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