Question

Role of cost accounting information in planning and control

Answer 1

Cost accounting is concerned with identification, classification, measurement, recording and summerizing of the costs of producing goods and rendering services for the purpose of cost ascertainment and cost control. It includes standard costing, marginal costing, differtial, and opportunity cost etc These activities of cost accounting help in number of managerial decisions like identifying most economical field of production, measuring the effeciency of various departments etc..