Cost Accounting: Features, Types, Objective & Advantages!
Cost accounting is a facet of control accounting that defines the genuine cost linked with constructing goods or rendering assistance by resembling at all costs within the supply chain. It is prepared for the persistence of budget equipment and profitability study. The information obtained from this method is helpful to administrators in managing the outcomes, businesses or assistance under the profit and which ones need improvement.
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Kinds of cost accounting
Standard Accounting : Accounting, where the business investigates the charges that were acquired from the production of the assets.
Marginal Costing: Based on the policy of separating all the cost into determining cost and variable costs. The fixed costs deal to enhance the level of production while the variable cost shifts about production levels.
The Goals Of Cost Accounting
- Used in the classification of costs
- Helps in to control the cost control
- Price decision
- Fixing of cost standards
Characteristics of cost accounting
- It is the sub-field of accounting.
- Includes the method of cost where they control the effectiveness of cost in the business.
- Renders knowledge to the administration for decision making.
- Helps to discover the type of costs and budget in the business.It helps in determining the charges of services and goods.
- It is applied to understand the performance of the cost process.
Benefits of cost accounting
- It can easily find out the raise and lower graph of your company.
- Provides a reliable identification of products and assets within or outside the organisation.
- Helps the government in planning and policy-making taxation.
- Builds communication between the consumer and the company.
- Cost accounting improves the effectiveness of the cost in the firm.
- Identifies the expensive ventures that are issued in the company.
- Calculates the cost of the goods and reduces the profitability of the product.
- Determine the profit and loss of the product in the company.
- Classified into the process of departments to consolidate the total amount.
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