It has been Rightly said that- "Cost Accounting is an invaluable aid to the Management"
Cost Accounting is an invaluable aid to the Management because of the some reason, they are
Cost Accounting indicates the unprofitable activities, losses and wastage of labour &other resources
Cost Accounting provides suitable data to management in order to take different vital decission for the company
Cost Accounting helps the management in cost control by setting standards for different cost and marketing comparision of actual cost with such standard cost
It provides cost figures to Govt. authority, wage tribunals, labour unon etc for different issues
The perpetual inventory system helps the organisation to have effective control over the stock in the store in the store
Cost Accounting provides detail and relevant cost figures for fixing sales price of products