Cost accounting is considered as the managerial planning and control activities furnishing management with the necessary accounting tools to plan, control and evaluate operation. The term cost accounting as however published by the institute of cost and management accountant is define as “the application of costing and cost accounting principles, methods and techniques to the science art and practice of cost control and the ascertainment of profit”. It includes the presentation of information derived for the purpose of management decision making.
The basic difference between a merchandized business and a manufacture is that merchant purchases merchandise in a ready – to sell condition whereas the manufacturer produce the good it sells. In a merchandising business the cost of goods available for sale is based upon the cost of purchase in a manufacturing business on the other hand the cost of manufacturing the finished goods, as a result of this, there is the needs for every manufacturing business to be cost conscious in the course of manufacturing goods.
(2018). THE IMPORTANCE OF COST ACCOUNTING SYSTEM IN MANUFACTURING INDUSTRIES. Afribary. Retrieved from https://afribary.com/works/the-importance-of-cost-accounting-system-in-manufacturing-industries-4392
"THE IMPORTANCE OF COST ACCOUNTING SYSTEM IN MANUFACTURING INDUSTRIES" Afribary. Afribary, 29 Jan. 2018, https://afribary.com/works/the-importance-of-cost-accounting-system-in-manufacturing-industries-4392. Accessed 21 Mar. 2023.
. "THE IMPORTANCE OF COST ACCOUNTING SYSTEM IN MANUFACTURING INDUSTRIES". Afribary, Afribary, 29 Jan. 2018. Web. 21 Mar. 2023. < https://afribary.com/works/the-importance-of-cost-accounting-system-in-manufacturing-industries-4392 >.
. "THE IMPORTANCE OF COST ACCOUNTING SYSTEM IN MANUFACTURING INDUSTRIES" Afribary (2018). Accessed March 21, 2023. https://afribary.com/works/the-importance-of-cost-accounting-system-in-manufacturing-industries-4392