Discuss the definition of and Scope of Cost Accounting
Answers
-Cost scouting (commonly) termed "costing? may be defined as: The establishment of budgets, standard costs and actual costs of operations, activities or products; and the analysis of variances, profitability, or the social use of funds
-The accounting system of any organization is the foundation of the internal financial information system. Management needs a variety of information to plan, to control and to make decisions. Information regarding the financial aspects of performance is provided by the costing system.
Examples of information provided by a typical costing system and how it is used are given in the following table and the following paragraphs.
Wilfykil answered the question on
August 5, 2019 at 06:33
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