What
is cost Accounting?
Cost
accounting primarily deals with the cost of product or service. Cost accounting
supports the management for performing the management function. Cost accounting
also provide useful information for financial reporting.
What
are advantages of cost accounting?
The advantage of cost accounting includes setting price,
product profitability, cost control, evaluating performance and allocation of
resources.
What
is difference between cost and Management accounting?
Management
accounting is broader term than cost accounting. Cost accounting primarily
focuses over the cost structure and costing, where management accounting meets
the management information requirement for planning, controlling, decision
making.
