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Organization cost accounting systems

Identify the specific cost accounting system any organization utilizes and how it uses the accounting information for financial management. Include the following:

-Descriptions of the cost accounting system used in your organization
-Pros and cons of this cost accounting system
-Descriptions of how your organization uses the accounting information for financial management improvement recommendations for your organization's accounting system
-Include at least five peer-reviewed references

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Cost accounting systems are key database frameworks that promote accountability towards effectively managing daily business activities. In doing so, the business organization can sufficiently review reports as well as send out detailed reports on cost analysis that impacts internal department's proficiency.

Let's take a look at the several areas associated with cost accounting systems:

-Descriptions of the cost accounting system used in your organization

Most companies in a variety of business industries utilize a variety of cost accounting systems that promote a more structural process - to accounting for overall business costs. Thus, the chosen cost accounting system can impose required features and requirements by either certain employees that are for every employee. In doing so, the business organization cost accounting system utilizes either an internal customer database - that is for cost accounting management or a vendor or outside third-party proprietary license. Some examples of a vendor or other third party software can relate towards QuickBooks or Peachtree, in which, the usage of either software can be tailored to the core business needs for cost management.

Keep in mind that the main function of a cost accounting system entails the managing of expenditures on a given moment for managers. Within a daily assessment to how companies are currently performing, the management team struggles to apply imperative strategic decisions. The cost accounting system provides a data analysis that is collected by either certain authorized personnel within the business organization or everyone within departments. Data collected are using the costing accounting system to reflect how each department or business initiative strategies ...

Solution Summary

The analysis in organization cost for promoting a systematc framework that utilizes accounting methods to achieve finanical goals.