![]() Management needs a variety of information to plan, to control and to make decisions. Understand how raw data are transformed into informationġ.1 Definition of and Scope of Cost AccountingĬost scouting (commonly) termed “costing” may be defined as: „The establishment of budgets, standard costs and actual costs of operations, activities or products and the analysis of variances, profitability, or the social use of funds’ The accounting system of any organization is the foundation of the internal financial information system.Know the relationships of cost accounting to management accounting and financial accounting.Understand the range of information that could be supplied by the cost accounting system.Purpose The main object of this lesson is to introduce the learner to cost accounting uses of cost information cost concepts and the differences between cost accounting and financial accounting Specific Objectives By the end of the lesson the learner should:
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