Cost accounting objectives and importance

  • What are the important objectives of cost accounting?

    Cost accounting is helpful because it can identify where a company is spending its money, how much it earns, and where money is being lost.
    Having a clear idea of the costs associated with running a business makes it easier for management to boost profitability..

Cost accounting ascertains the profitability of every product or service that a business offers. It also helps compare profits over previous years and identify which products and services are more profitable. Accountants then compare profitability predictions with actual profits.

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