Necessity of coding system in cost accounting
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A costing system is set up alongside the accounting system, and is usually used by manufacturing organisations that need to monitor and control expenses and income. Devising the right coding system allows this to be organised effectively in line with business requirements.
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Coding in accounting is the process of assigning numbers or letters to data to create a fast-search database. Accounting codes are not universal as every accountant, accounting firm, institution or business may create its own coding system in accounting tailored to its own organizational needs.
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