Cost accounting is the technical responsible for recording and presenting transactions relating to the production of goods andservices by means of which such records are subsequently converted into a measurement method and a means of control.
This type of accounting involves the analysis and synthesis operations, sothat we can determine the total cost of production of a commodity or service work, so can also be classified as cost in its material elements, labor and manufacturing costs.
Cost accounting alsoincludes the analysis and synthesis of the total cost of production cost by department or cost center, as well as manual or machine operations.
B) THE ADVANTAGES AND BENEFITS OF THIS SYSTEM
Anysystem, whatever its nature is because of its existence, the cost accounting system has three main purposes:
• Provides the values of inventories of manufacturing process and finishedgoods.
• Provides data for cost control.
• Provides data for business decisions
• For costs
• For control of materials transition is used as a stepping stone to get to developa system that costos.es most complete to get to the elaboration of the estimated cost sheet.
• their study leads to the efficient costs
c) WHERE IS IT CURRENTLY BEING USED AND WHICHORGANISATIONS ARE USING IT (AUSTRALIAN ORGANISATION)
System cost is applied to all Australian companies engaged in the purchase of raw materials and selling products to final consumers.
the useof this system makes the companies to sustain their economy stable, know your business profits and perdidas.si not use this system would have many problems with buying, selling and would not know ifthe marketing, manufacturing and selling is profitable.
D)HOW DOES THE SYSTEM OPERATE
Cost Accounting is a branch of management accounting, which is mainly related to the...