Question

how cost accounting helps different level of management?​

Answer 1

Answer:

Cost accounting is used internally by management in order to make fully informed business decisions. Unlike financial accounting, which provides information to external financial statement users, cost accounting is not required to adhere to set standards and can be flexible to meet the needs of management.

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Answer 2

The management of any organization is responsible for the running of the business. It has three main functions, namely planning, decision-making and controlling. So the management and the managers use various tools and processes to help them in their functions. One such process is costing. Let us explore the concept of, Costing – An Aid to Management.