cost accountancy is essential field in company or firm.what your view on this statement.?

Question

cost accountancy career

Answer 1

Cost accounting is the process of tracking, recording and analyzing costs associated with the products or activities of an organization. Cost accounting does not follow GAAP. Costs are measured in units of currency by convention. Cost accounting could also be defined as a kind of management accounting that translates the Supply Chain (the series of events in the production process that, in concert, result in a product) into financial values. Managers use cost accounting to support decision making to reduce a company's costs and improve its profitability.

While it's always useful to break down and evaluate costs in any organisation, it's more useful in a manufacturing environment. If the company's in retail, there's not much costing and variance analysis to be done.