Cost accounting goals

What Are The Objectives Of Cost Accounting?
  • Cost ascertainment.
  • Cost control.
  • Cost reduction.
  • Profit ascertainment.
  • Rational pricing.
  • Providing a basis for decision-making.
  • Statutory compliance.
  • Accurate profit analysis.

What is the primary purpose of cost accounting?

The primary purpose of cost accounting is to allocate all the expenses incurred to the respective product and bifurcate the cost individually as and for incurred.
Various entities produce many types of products within a factory, and purchasing the required product is common for all the products.

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Why is setting accounting goals important?

Here are a few reasons why setting accounting goals is important:

  • Your expectations are clear.
    You are never unsure what you are supposed to work on or if you are sì³®ding in your role.
    You see your work pay off.
    You can look back and see how accomplishing your accounting goals contributed to larger objectives being met.

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