Techniques of cost control
What is a cost management strategy? A cost management strategy is another term for strategic cost management.
It refers to a process of understanding total costs to improve business's strategic position and meet long-term objectives..
What do you mean by cost system?
A cost accounting system is used in a business to keep track of the costs associated with production.
The purpose of this system is to accumulate all the costs of producing a product and provide a way to track costs over time.
This differs from financial accounting as it is a method which is only used internally..
What is a cost management system and give its three purposes?
The three broad objectives of a cost management information system are (1) to cost out products, services, and other cost objects; (2) to provide information for planning and control; and (3) to provide information for decision making..
What is the concept of cost system?
A costing system is designed to monitor the costs incurred by a business.
The system is comprised of a set of forms, processes, controls, and reports that are designed to aggregate and report to management about revenues, costs, and profitability..
