What are the various objective of cost accounting?

Answer 1

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.