Question

What is installation of cost accounting system in cost accounting?​

Answer 1

Answer:

A system of cost accounting may not be same to all types of industry or undertakings. There is a different nature of business or industry. The volume of business differ from one business to another. Moreover, each business or industry has its own problems. Hence, the need of cost accounting system also differ.

Important Principles :

1. Least Disturbance

2. creation of faith

3. Simplicity

4. Economy

5. Easy applicability

6. Gradual application .

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Answer 2

ANSWER

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Cost Accounting :- cost accounting is the process of accounting for cost from the point at which expenditure is incurred or committed to the establishment of its ultimate relationship with cost centre and cost units. in its widest usage it impressive the preparation of statistical data the application of cost control methods and the ascertainment of the profitability of the activities ka carried out or planed. Cost accounting is a specialised branch of accounting it has been developed due to the limitation of financial accounting.

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