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Cost Information in Accounting

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Cost information is used for two universal purposes in most organizations. Identify them and discuss how they are used.

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This solution discusses cost information in accounting.

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In managerial accounting, costing systems are used to help managers plan, control, direct and make decisions (Brewer, Garrison, & Noreen, 2007, p. 74). Cost information provides a company with important information not only about the company's operation but also about the profitability of the company. Without costing information, the company's management would have no idea of the direction of the company as a whole.

Many organizations use costing information for two universal purposes namely:
1. ...

Solution provided by:
Edwin Sinclar, MBA
Education
  • MBA, Aspen University
  • Bachelor of Science , Berea College
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