Question

Role of cost accounting in strategic planning and management control

Answer 1

Cost Accounting is an internal reporting system for an organization's own management for decision making.In cost accounting, classification is based on functions, activities, products, process and on internal planning and control and information needs of the organization.

Answer 2

Cost accounting in strategic planning and management control

Explanation:

Cost accounting is a method of identifying, recording and analyzing the cost of manufacturing goods and services in an organization and comparing it with some standard cost.

Cost accounting acts as an important tool for strategic planning and management control as it provides data related to manufacturing cost.  The management uses the data gathered under cost accounting in order to reduce cost and increase profit margin , this also facilitates in better control of the wasteful expenditure in the organization and ensures better profitability, which in turn leads to success of the organization.

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Cost accounting in strategic planning and management control

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