Cost accounting objectives explain

  • 1.
    Selling price determination: One of the most important cost accounting objectives is determining the product's cost.
    To decide the selling price, product cost and cost per unit of product are important.
    Rather than determining the selling price, it indicates what the selling price should be.Oct 3, 2023

  • What is cost accounting explain its objectives?

    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..

Controlling costs: Cost accounting helps the management foresee the cost price and selling price of a product or a service, which helps them formulate business policies. With cost value as a reference, the management can come up with techniques to control costs with an aim to achieve maximum profitability.

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