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Bring the product cost some profit and include all cost of investment.
The main purpose of cost accounting is the collection of all costs, summarizing and presenting in such a way that can give you the accurate picture of the organization whole cost structre. And then you will be able to give management the course of action through which you can get the maximum benifits at minimum cost, accurate materials, wip and product costing etc.
The main purpose of cost accounting is to determine the manufacturing cost of each product of the company. The cost of the proudct is then used in determination of optimum selling prices. The cost accounting also helps to determine what the present cost is and what it should be in future in case of market driven prices. The cost accounting data is used by management to produce better quality products at minimum possible cost.
This task is the important task in any company. It determines your success.
It controls the cost of material.
It controls the cost of manpower.
It controls the cash flow.
It controls the selling price.
It controls the bidding price (for contracting).
Cost Accounting main purpose is to determine the cost of every product and to optimize the selling price of the product or services. Also forecasting the future cost and sales revenues.
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