Unlike financial accounting, cost accounting is an internal process used only by company management to identify ways to improve the efficiency of their operations and reduce spending where possible.

Though historical cost accounting is conservative and easy to calculate, it is often incorrect if significant time has passed since the original purchase. Mark-to-Market Accounting .

RIM accounting applies a ratio of the actual cost of the inventory to its retail price to calculate ending inventory and, therefore, derive cost of goods sold, he said.

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RIM accounting applies a ratio of the actual cost of the inventory to its retail price to calculate ending inventory and, therefore, derive cost of goods sold, he said.

RIM accounting applies a ratio of the actual cost of the inventory to its retail price to calculate ending inventory and, therefore, derive cost of goods sold, he said.