How Cost Accountant can play effective role to achieve predetermined objectives of company.

Jun 2nd, 2015
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Cost accounting is a recent development in the accounting world. Since beginning of twentieth century and particularly during the and after World War-I the industrialists become more and more cost conscious. This was partly due to because of growing competition between manufacturers and partly because of increasing government control over pricing.

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How Cost Accountant can play effective role to achieve predetermined objectives of company.COST ACCOUNTING Cost accounting is a recent development in the accounting world. Since beginning of twentieth century and particularly during the and after World War-I the industrialists become more and more cost conscious. This was partly due to because of growing competition between manufacturers and partly because of increasing government control over pricing. During the war most of the manufacturing was done on cost plus system. During the World War- II many governments came out with legislations which had the effect of placing almost blanket control over prices. Thus, it became imperative for manufacturers:-Improve quality of the productsTrace the cost accurately for each product Control the costs.Financial accounting failed to achieve those objectives, and it therefore made the accountants think and a new technique of accounting known as cost accounting. Cost accounting has emerged mainly because of limitations of financial accounting. Cost accounting a specialized branch of accounting, which involves classifications, accumulation, assignment and control of costs.Cost accounting has been defined as "the recording, classifying and appropriate allocation of expenditure for the determination of the cost of product or service, and for the presentation of suitably arranged data for the purpose of control and guidance of management".The cost accounting relates to the

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