Question

explain essentials of an ideal cost accounting system​

Answer 1

Answer:

The essential features, which ideal Cost Accounting System should possess, are as follows:

(i) Cost Accounting System should be tailor-made, practical, simple and capable of meeting the requirements of a business concern.

(ii) The data to be used by the Cost Accounting System should be accurate; otherwise it may distort the output of the system.

(iii) Necessary cooperation and participation of executives from various departments of the

concern is essential for developing a good system of Cost Accounting.