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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.
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
Benefits of cost accounting?
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.
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 Classifications of cost accounting?
what are the various classification of cost accounting?
Explain cost center in the context of Cost Management Accounting?
Explain cost center in the context of cost accounting
What has the author Nicholas Dopuch written?
Nicholas Dopuch has written: 'Solutions manual for Cost accounting' -- subject(s): Cost accounting 'Cost accounting' -- subject(s): Cost accounting
What are the function and responsibilty of Cost Accounting?
What are the function and responsiblity of Cost Accounting
What are the various classifications of cost accounting?
what are the various classification of cost accounting?
Advantages and disadvantages of cost accounting?
cost accounting advantage & disadvantage
