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Cost accounting helps in preparing budgets which allow for a better and more systematic decision-making. It also ensures the reduction in production cost and maintaining product quality at the same time
Cost accounting are of paramount importance for industrial companies in particular, it does not hide its importance to service institutions and banks with the complexity of their work.
Unfortunately no cost accounting occupies the beneficiaries of the departments of companies and institutions that are focused generally cost data for their service and lighting the path of the wise leadership based on a scientific basis by which tops.
Can cost knowledge profitability reasons and causes of the loss of the activities of the company's accountant, and through the unique nature of the data available to the accountant costs can release the share of each activity or product or to be filled during a financial period, this is the most important difference between the financial accounts and costs, since the financial accountant have data for a total result for a certain period does not mean through the presentation of detailed data and determine the causes of this result, unlike the cost accountant.
Cost Accounting is considered important, since:
1. To make calculation and reporting of costs (the price of) principal of a product.
2. itemize the cost (price) on all elements of product cost.
3. Provide basic information for planning costs and expenses.
4. Provide data for the budgeting process,
5. Provide cost information for management in order to be used in management control, etermination of the profit to be and should be achieved by the company
Cost Accounting determine the actual cost for your product the thing which give you the ability to track and know where is you cost exactly allocated and give you the idea if you can minimize and also help you in pricing if you are a price maker but if you are a price taker you will be able to know where do you have extra cost and how to reduce it
Most important thing in Industrial point of view is the Cost Accounting. Cost Accounting does not exist how you will calculate the cost of product. All the expenses like Direct & Indirect and labor and more important thing is the waist-age of industrial material to be must charged to cost therefore Cost Accounting is important.
This is an area where much depends on us, the organization and its efficiency and effectiveness. Cost accounting must answer "what" and "where" costs were incurred, and what to do to optimize them.
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