Cost accounting information can be used for

  • How is cost information useful?

    The cost information is important for the managers for of the following three reasons: • based on costs it is decided the acquisition, production or abandon a product; • the costs can be a basis for the price estabilishment; • through the costs it is identified the needs for improvement of the products or services..

Cost accounting information is basically used to determine the cost of each product and service. Standards are fixed for each of the product or activity to find the variances against the actual. Cost accounting information is also used to have fixation of budget. Inventory valuation is based on the cost parameters.

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