What question did this study set out to answer?

This paper aims to bridge the knowledge gap between economic theorists and cost accountants regarding cost concepts.

Realism and Cost Accounting.

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The paper discusses the gap between economic theory and cost accounting practices, suggesting areas for improvement.

This paper aims to bridge the knowledge gap between economic theorists and cost accountants regarding cost concepts.
Analyzed existing literature on cost accounting and economic theory.
Examined the understanding of cost concepts by economists and cost accountants.
Identified practical difficulties in costing as perceived by economists.
Found that economic theorists often neglect practical costing challenges.
Cost accountants’ writings tend to be mechanical and lack depth.
Highlighted the economist's differentiation of costs and revenues and its implications for enterprises.

Edmund Whittaker (1946) studied this question.

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