Cost accounting objectives and scope

  • What is the scope and objectives of cost accounting?

    Cost Accounting is a business practice in which we record, examine, summarize, and study the company's cost spent on any process, service, product or anything else in the organization.
    This helps the organization in cost controlling and making strategic planning and decision on improving cost efficiency..

Oct 6, 2018Cost accounting aims at eliminating the loopholes in the production process and ensures manufacturing of goods at the lowest possible cost.Related TerminologyScopeObjectives
The scope of cost accounting refers to the range of activities and functions for cost management in a firm. It provides relevant and accurate cost planning, performance evaluation, systematic analysis and decision-making information. It involves determining, recording, and allocating expenses in a firm.

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