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March 18, 2026The Accounting Review

Report of the Committee on Cost Concepts and Standards.

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Authors

GLGeorge W. LaffertyAMAdolph MatzHOHarry J. Ostlund

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Overview

Exploratory study establishes cost concepts and standards in accounting, suggesting guidance for management.

Key Points

  • The aim is to explore and set forth principles and standards for cost accounting.
  • Committee reactivated by the Executive Committee of the American Accounting Association in 1951
  • Conducted an exploratory study on cost accounting principles
  • Focused on the application of cost concepts to improve business decisions
  • Emphasized the connection between cost accounting and management efficiency
  • Identified the need for clear cost concepts in accounting practices
  • Provided guidance for addressing contemporary cost accounting challenges
  • Established foundations for future standards in accounting

Cite This Study

Lafferty et al. (1952) studied this question.

synapsesocial.com/papers/69ba422e4e9516ffd37a22ffhttps://doi.org/10.2308/tar-7077656
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Also Consider

Synapse has enriched 5 closely related papers on similar clinical questions. Consider them for comparative context:

  1. 1DEVELOPMENT OF COST ACCOUNTING CONCEPTS AND PRINCIPLES.1954
  2. 2REPORT OF THE COMMITTEE ON CONCEPTS AND STANDARDS--GENERAL.1964
  3. 3REPORT OF THE 1957 PRESIDENT.1958
  4. 4SOME COMMENTS ON THE STATEMENT OF PLANNING COSTS.1957
  5. 5Report of the Committee on Establishment of an Accounting Commission.1971