discuss the objective of business
The main benefit of cost accounting is that it can be used to alert management on how to be more cost effective. It also helps companies plan for the future.
To seperate the cost of production from profit to allow analysis like ROI (Return on Investment), cost vs benefit, and cost reducing production improvements.
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.
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.
compare and contrast cost accounting and financial accounting
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The benefit of cost accounting is that you do not need to calculate the change in the costs when the price of your supplies increase. Your profits are simply your sales minus the cost of your inventory and minus the cost of your purchases. Cost accounting is ideal for a small operation.
The main benefit of cost accounting is that it can be used to alert management on how to be more cost effective. It also helps companies plan for the future.
The benefit of cost accounting is that you do not need to calculate the change in the costs when the price of your supplies increase. Your profits are simply your sales minus the cost of your inventory and minus the cost of your purchases. Cost accounting is ideal for a small operation.
Discuss the various methods of inflation accounting.
Cost benefit
To seperate the cost of production from profit to allow analysis like ROI (Return on Investment), cost vs benefit, and cost reducing production improvements.
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.
cost accounting is used instead of financial accounting because cost accounting is used to determine the cost of the good produced
answer
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.
compare and contrast cost accounting and financial accounting