Explain essentials of an ideal cost accounting system

1.	Explain essentials of an ideal cost accounting system
Answer» ong>Answer: The essential features, which ideal COST Accounting System should possess, are as follows: (i) Cost Accounting System should be tailor-made, practical, simple and capable of meeting the requirements of a BUSINESS concern. (ii) The DATA to be used by the Cost Accounting System should be accurate; otherwise it may distort the output of the system. (iii) Necessary COOPERATION and participation of executives from various departments of the concern is essential for DEVELOPING a good system of Cost Accounting.

Answer»

ong>Answer:

The essential features, which ideal COST Accounting System should possess, are as follows:

(i) Cost Accounting System should be tailor-made, practical, simple and capable of meeting the requirements of a BUSINESS concern.

(ii) The DATA to be used by the Cost Accounting System should be accurate; otherwise it may distort the output of the system.

(iii) Necessary COOPERATION and participation of executives from various departments of the

concern is essential for DEVELOPING a good system of Cost Accounting.

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