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The process of gathering, recording, classifying, analyzing, summarizing, distributing and evaluating different control of costs and alternative course of action. It offers well-defined cost information that management requires to plan for the future and handle the present operations. If you are also the one who is looking for accounting assignment help, then you can get in touch with these experts by visiting My Assignment Services.

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What is cost accounting?
The process of gathering, recording, classifying, analyzing, summarizing, distributing and evaluating different control of costs and alternative course of action. It offers well-defined cost information that management requires to plan for the future and handle the present operations

Different scopes of cost accounting.
There are various scopes of cost accounting that are noted-blow.
● Costing
● Cost accounting
● Budgeting
● Cost control techniques
● Cost audit

Objectives of cost accounting
Mentioned below are the objectives of cost accounting.
● To handle cost through different methodologies like standard costing, budgetary control, and inventory management.
● To give information for planning and decision making to carry on the operative process.
● It helps in controlling and directing various operations.
● Cost accounting helps in increasing costing profit.
● It motivates everyone to accomplish the goals of the organization.

Advantages of cost accounting
Various advantages of cost accounting are as follows.
● It guides future production policies
● Helpful to the government
● It helps in increasing the profit
● It offers information on which tenders and estimates are based
● It enables the periodical determination of gains and losses

Disadvantages of cost accounting
Mentioned below are some limitations or disadvantages of cost accounting.
● Lack of accuracy
● Not suitable for small scale units
● It is expensive
● Does not control cost by itself
● Use of secondary data


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