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What is the Cost and cost accounting also give out objectives of cost accounting?
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What are the objectives of material control in cost accounting?
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What are the various objective of cost accounting?
Important objectives of cost accounting:The primary objectives of cost accounting is to determine the cost of each product, process, job, operation or service rendered.Cost accounting determines the profitability of each product, process, job, operation or service rendered.Cost accounting classifies cost into different elements such as materials, laborer and overhead. It is further divided as direct and indirect cost for cost control and recording.Cost accounting aims at controlling cost by setting standards and comparing those with the actual, the deviation or variation between the two is identified and necessary steps are taken to control them.
Accounting and its functional objectives?
There are many objectives to accounting. A systematic accounting system will should have the following objectives: to maintain cash account balances, to detect fraud, and maintain ledger account balances.
What are the primary objectives of the accounting function in an organization?
The primary objectives of the accounting function in an organization are to process financial information and to prepare financial statements at the end of the accounting period.
What are the major objectives of a cost accounting system in a manufacturing company?
A) To determine unit manufacturing costs and B) to provide managers with useful information for planning and cost control functions
Why cost accounting is used instead of financial accounting?
cost accounting is used instead of financial accounting because cost accounting is used to determine the cost of the good produced
How does management accounting differ from cost accounting?
Management accounting includes both financial and cost accounting, tax planning and tax accounting. Cost accounting, on the other hand, does not include financial accounting, tax planning and tax accounting.
Objective of cost accounting?
The objectives of cost accounting are ascertained of cost, fixation of selling price, proper recording and presentation of cost data to management for measuring efficiency and for cost control. The aim is to know the methods by which expenditure on materials, wages and overheads is recorded, classified and allocated so that the cost of products and services may be accurately ascertained; these costs may be related to sales and profitability may be determined. Yet with the development of business and industry, its objectives are changing day by day.
What are the objectives of government accounting?
to fulfill the legal requirement
Cost accounting and management accounting?
Cost accounting is a subset of management accounting, although the two are used interchangeably.
Compare and contrast between cost accounting and financial accounting?
compare and contrast cost accounting and financial accounting
