Question

costing accounting is becoming more relevant in the emerging economic scenarios in india​

Answer 1

Answer:

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Answer 2

Costing accounting is becoming more relevant in the emerging economic scenarios as it efficiently helps in the preparation of financial reports.

• Cost accounting represent a method where various alternative action courses are compiled, evaluated and summarised. Its purpose is to inform enterprise on the most effective cost-efficiency and capability-based course of action.
• The detailed price details that management employs to monitor current operations and prepare for the future is provided by cost accounting.
• Managers make decisions only about their own enterprise in developing countries like India, and it is unrequired for the information to be equivalent to other enterprise's similar information.
• Alternatively, information must be appropriate for a specific environment. The data is used in financial accounting information and is focussed on managers employing it to develop decisions.