Which three are recognized methods of cost accounting?

The identification of frozen standard cost as a recognized method of cost accounting reflects an understanding of how costs are managed and evaluated within a business context. Frozen standard costing involves fixing costs at predetermined standard levels for a certain period regardless of changes in actual costs. This method allows organizations to budget and forecast more effectively, as it provides a stable benchmark against which actual performance can be measured. Standard costs can facilitate variance analysis, helping management to identify and analyze discrepancies between expected and actual costs.

The other methods mentioned, while relevant to the broader concept of cost accounting, do not represent recognized methods in the same context as frozen standard cost. For instance, periodic actual cost refers to determining costs based on actual expenses over a specific period, but it lacks the fixed benchmark nature of standard costs, making it less useful for ongoing budget management in comparison to frozen standard costs. Layer cost (LIFO) and actual cost (FIFO) relate specifically to inventory valuation methods rather than overarching accounting approaches, thus diverging from the core concept of cost accounting methods as they relate to overall cost management strategies.