Advantages and Disadvantages of Cost Accounting, 1.Cost Account has a lack of a uniform procedure. But these share primary advantages and disadvantages. According to Dr. P.C. To ascertain cost: The basic objective of cost accounting is to ascertain cost of cost center.
It may bring different results from the same data.

The advantages of cost accounting are: Disclosure of profitable and unprofitable activities. Cost Account is a costly process.

The above mentioned are few objectives of costing.

Since cost accounting minutely calculates the cost, selling price and profitability of product, segregation of profitable or unprofitable items or activities becomes easy. Ask for details ; Follow Report by Prajjvalh4044 21.07.2018 Log in to add a comment Cost Accounting Definition: Cost Accounting implies a branch of accounting which deals with recording, classifying, accumulation, allocation and control of the cost of production.It captures the incomes and expenditures and prepares statements and reports for the respective period, so as to determine and control costs. Advantages of Job Costing: Job costing acts as a form of analysis detailing all the types of costs that are present throughout the manufacturing process. The main objectives of Cost Accounting are as follows : (i) Ascertainment of cost, (ii) Determination of selling price, (iii) Cost control and cost reduction, (iv) Ascertaining the profit of each activity, (v) Assisting management in decision-making. Tulsian in his book Introduction to cost accounting, main objectives of cost accounting are as under: 1. Disadvantages of Cost Accounting. 2. Cost accounting deals with the production, selling and distribution costs. The cost accounting method, which assesses a company's production costs, comes in a few broad styles and cost allocation practices.
Cost accounting is the process of collecting and interpreting information to determine how an organization earns and uses funds. There are multiple advantages to using cost accounting, since it provides vastly more actionable information than the financial statements produced through financial accounting.Here are the key advantages of cost accounting to consider: Now let us look at the advantages and disadvantages of cost accounting. What are the objective and advantages of cost accounting? Here, we shall discuss the various Objectives of Cost Accounting. It involves the ascertainment of the cost of every job, order, product, process or service.


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