Traditional standard costing ( TSC ) , used in cost accounting , dates back to the 1920s and is a central method in management accounting practiced today because it is used for financial statement reporting for the valuation of income statement and balance sheet line items such as cost of goods sold ( COGS ) and inventory valuation .
Traditional Standard Costing ( TSC ) , used in Cost Accounting dates back to the 1920 's and is a central method in management accounting practiced today because it is used for financial statement reporting for the valuation of Income Statement and Balance Sheet line items such as Cost of Goods Sold ( COGS ) and Inventory valuation .