Importance of Cost Accounting

Business Habit ⋅ @businesshabit ⋅ Oct 25, 2014

Now this present business situation across the world the importance of cost accounting is badly required. Economy and this modern social time each and every sector cost accounting is badly needed. The importance of cost accounting as follows:

* Determination of cost

* Comparative analysis of cost

* Determination of selling price

* Cost control

* Economy of cost

* Continuous discussion of cost

* Identification of profitable goods

* Determination the causes of cost variance

* Preparation of budget

* Justification of efficiency

* Determination of quoted price

* Control system of account

* Development of organizational structure

* Incentive wages

* Determination of maximum production level

* Prevention of falsification and frauds

* Advantage of creditors and investors

* Preparation of cost sheet

* Importance as a subject study

* Necessity in different fields

These are mostly thinkable advantages of cost accounting :)

Preveius Address: Importance of Cost Accounting

Category and Tags

More stories by Business Habit

What are specified small mopeds in Japan?

In Japan, "specified small mopeds" (often referred to as tokutei kogata nirin or 特定小型二輪) are a category of very low-power, low-speed two-wheeled vehicles. This classification is part of Japan's efforts to make micro-mobility more accessib

why Japanese corporations are declining?

The combination of structural and economic competitiveness challenges in recent decades has led to a decline in Japanese firms Here are the main reasons for their decline.1. An aging population and a shrinking workforce:Japan’s population problem i

Is there an actual Tesla phone?

Although Tesla has refuted any plans to release a smartphone, rumours continue. It might be a logical progression of the business's connected auto ecosystem, according to analysts.There are a lot of rumours on the internet about a Tesla phone that is

Exploring "Social Business Misconception: Insights into Muhammad Yunus’s Social Business Theory"

Social business has emerged as a groundbreaking concept for addressing pressing societal challenges through self-sustaining business models. Pioneered by Nobel Peace Prize laureate P...

Hazrat Shahjalal International Airport should be renamed as Dhaka Airport

The debate around renaming Hazrat Shahjalal International Airport to "Dhaka Airport" often stems from a few key reasons:International Recognition: "Dhaka" is a globally recognized name, and using it in the airport's name could make it easier for inte