Cost Systems

  Cost Systems The cost classifications do not provide all required cost data. Most cost planning and control data can only be provided by an adequate cost system, designed so that individual supervisors, department heads, and executives can be held accountable for all costs which are their responsibility. The concepts of authority and responsibility are closely related to accountability […]

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Cost Accounting Concepts

Cost Accounting Concepts A concept is a basic principle or assumption, as opposed to a procedure, for carrying out the concept. Cost accounting concepts may be separated into two groups: Planning Controlling 1. Planning: There are two key types of planning, as described below. Project Planning. The process whereby management, confronted by a specific problem, evaluates each alternative in order to […]

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