Cost Accounting Importance

The limitations of financial accounting have made the management to realize the importance of cost accounting. Whatever may be the type of business, it involves expenditure on labour, materials and other items required for manufacturing and disposing of the product. Moreover, big business requires delegation of responsibility, division of labour and specialization. Management has to avoid the possibility of waste at each stage. It has to see that no machine remains idle, efficient labour gets due initiative, proper utilization of by-products is made and costs are properly ascertained. Besides management, creditors and employees are also benefited in numerous ways by installation of a good costing system in an industrial organisation. Cost accounting increases the overall productivity of an industrial establishment and, therefore, serves as an important tool in bringing prosperity to the nation.

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