Cost accounting is a process of collecting, recording, classifying, analyzing, summarizing, allocating and evaluating numerous alternative strategies & control of expenses. Its objective is to advise the administration on the most suitable course of action based upon the price performance and also capacity. Cost accounting provides the detailed cost info that management should manage present operations and prepare for the future. Since managers are are making decisions only for their very own organization, there is no need for the info to be equivalent to comparable details from other companies. Instead, information has to be relevant for a particular setting. Cost accounting details is commonly made use of in financial accountancy details, but its primary function is for use by managers to facilitate making decisions.Click here for Quiz on Accounting Standards â 10 MCQs
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