a costing system that smiply records costs for the purpse of fixing sale prices has accomplished only a small part of its missions. in the light of this statement. explain what other functions does costing system perform? also differentiate between financial accounting and cost accounting.
Answers
Explanation:
Thus, cost accounting has the following features:
1. It is a process of accounting for costs.
2. It records income and expenditure relating to production of goods and services.
3. It provides statistical data on the basis of which future estimates are prepared and quotations are submitted.
4. It is concerned with cost ascertainment, cost control and cost reduction.
5. It establishes budgets and standards so that actual cost may be compared to find out deviations or variances.
6. It involves the presentation of right information to the right person at the right time so that it may be helpful to management for planning, evaluation of performance, control and decision making.
Answer:
a costing system that smiply records costs for the purpse of fixing sale prices has accomplished only a small part of its missions. in the light of this statement.
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