Cost accounting system us neither unnecessary nor expensive rather it is a profitable investment comment
Answers
Answer:
The statement is true.
Explanation:
As the cost accounting is neither a statement which is expensive nor unnecessary, it is a investment which is profitable because the cost accounting helps the business to determine the cost of the product manufactured by the business and once the cost is determined then a acceptable mark- up is added to the cost in order to determine the selling price of the product.
Yes, cost accounting system is very useful for the business.
Explanation:
Cost accounting is the type of accounting in which we record various costs relating to business like costs relating to the products and services of the business, or costs relating to management or other business activities.
With the help of cost accounting system we can ascertain all the costs that go through in the business and find out which costs are useful for the business, so we can help the management to manage these costs for the benefits of the business. this system also helps profits for the business which can help the management in quick decision making. it can be considered a one time investment which will benefit the business in long term. so yes, it is very useful for the business.