Effective Cost Accounting System
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How can an organization implement an effective cost accounting system, and avoid the issue of blame? What steps could be taken to ensure that the system is not used inappropriately?
How should managers use the information gained from the system, especially when results are negative?
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Accounting is an information and measurement system that provides information about the performance of the organization. It tells about the properties and the claims of the business. It tell about the operational efficiency of the business.
Accounting is the means by which information about an enterprise is communicated and, thus, is sometimes called the language of business. Costs, prices, sales volume, profits, and return on investment are all accounting measurements. Many different users have need for accounting information in order to make important decisions. These users include investors, creditors, management, governmental agencies, labor unions, and others. Because the primary role of accounting information is to provide useful information for decision-making purposes, it is sometimes referred to as a means to an end, with the end being the decision that is helped by the availability of accounting information.
Thus effective cost ...
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