Characteristic of cost accounting

Question

Write down the characteristic of cost accounting?

Answer 1

i) Cost accounting outlooks the entire organization from the single component of the organization such as a process ,a job and so on.

ii) Cost accounting aspires at ascertaining the profitability of single components of the organization.

iii) It is meant for those people who fraction of the decision is creating procedure of the organization. Therefore, it is merely for internal use.

iv) It is not a lawful requirement. It is not obligatory to sustain cost accounting records.

v) In Cost Accounting, data is immediately accessible that provides in decision making procedure.

vi) Cost Accounting considers each transaction, whether relayed to past or prospect that will have an impact on the business.