Question

Which of the following are the essentials of cost accounting system ​

Answer 1

(i) Cost Accounting System should be tailor-made, practical, simple and capable of meeting the requirements of a business concern. (ii) The data to be used by the Cost Accounting System should be accurate; otherwise it may distort the output of the system.

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Answer 2

Answer: 1) Accuracy 2) Economy 3) Equity

Explanation:

1)Accuracy: Data must be accurate for better costing and analysis.

2) Economy: costing techniques,methods and costing process must be economical as higher price techniques and methods will adversely affect company by raising it expenses.Thus making cost accounting unaffordable/costlier for the company.

3) Data collected or provided must related to the equity(stock or product) of the company for better efficiency.