What is the significance of costing? What is the importance of cost accounting to management? Costing helps the government when assessing for income tax or any other such government liabilities. It also helps set industry standards and helps with price fixing, tariff plans, cost control etc. Cost accounting makes the basic distinction between fixed and variable costs. This is then used by management to fix the prices of products, according to the costs of the product. This allows the management to find the most ideal price for the product or the service, not too high and not too low. Cost accounting aims to report, analyse, and lead to the improvement of internal cost controls and efficiency, right? Don’t you need to learn the fundamentals of cost accounting in order to successfully run a business in the modern world? Let’s learn further about cost accounting with the help of a presentation, shall we?

Nazrin Farzana

26 resources

1

1

1

Like