Question

What is cost accounting and its objectives​

Answer 1

Objectives of cost accounting are ascertainment of cost, fixation of selling price, proper recording and presentation of cost data to management for measuring efficiency and for cost control and costreduction, ascertaining the profit of each activity, assisting management in decision making and determination of break- ...

Answer 2

Cost Accounting is a technique of accounting where all costs involved in performing process, project/product are analyzed.  

Analysis helps management in taking strategic decisions.

Cost accounting uses different techniques to make an organization cost effective.

Its targets are fixation of SP(Selling Price), proper controlling and presentation of cost data to management for calculating efficiency for cost control and reduction,  

Some main objectives are :

1. Ensure cost/unit of different products manufactured by business concern.

2. Provide correct analysis of cost by process/operations and various elements of cost;

3. Disclose sources of wastage of material, time/expense or in use of       machinery, equipment and tools and to  

   make those reports which is needed for controlling those wastage;

4. Provide needed data and serve as guide for fixing prices of products manufactured/services rendered.