Quality aspects of cost accounting

Question

Write down the quality aspects of cost accounting?

Answer 1

The quality aspects of Cost Accounting are illustrated below:

i) Cost accounting views the entire organization from the individual constituent of the organization such as a job, a procedure and so on.

ii) Cost accounting aims at determining the profitability of individual constituent of the organization.

iii) It is meant for those people who are part of the decision making procedure of the organization. Therefore, it is only for internal employ.

iv) It is not a lawful requirement. It is not required to manage cost accounting records.

v) In Cost Accounting, data is instantly accessible which facilitates in decision making procedure.

vi) Cost Accounting considers each transaction, whether related to future or past which will have an effect on the business.