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THE CONCEPT OF COST CONTROL Cost control, also known as cost management is a broad set of cost accounting methods and management techniques with the common goal of improving business cost-efficiency by reducing costs, or at least restricting their rate of growth.

Cost accounting is a form of managerial accounting that aims to capture a company's total cost of production by assessing the variable costs of each step of production as well as fixed costs, such as a lease expense. Cost accounting is not GAAP-compliant, and can only be used for internal purposes.

The different types of cost accounting include standard costing, activity-based costing, lean accounting, and marginal costing. Standard costing uses standard costs rather than actual costs for cost of goods sold (COGS) and inventory.

Labour cost control helps in achieving the targets of maximum production at minimum cost. It helps in obtaining a better quality of production with the least efforts and time of workers. Labour cost control helps in reducing the per cost production of every good manufactured.

Cost accounting is a method of managerial accounting which aims to capture the total production cost of a business by measuring the variable costs of each production phase as well as fixed costs, such as a lease expense.

Cost accounting is the reporting and analysis of a company's cost structure. Cost accounting involves assigning costs to cost objects that can include a company's products, services, and any business activities.

Cost accounting enables a business not only to ascertain what various jobs, products, and services have cost but also what they should have cost. It locates losses and wastages, thereby helping to avoid them in the future.