Management Notes

Reference Notes for Management

Role of Cost Accounting in Decision Making – Introduction to Cost Accounting | Management Note

Role of Cost Accounting in Decision Making

Role of Cost Accounting in Decision Making

Today’s business environment is such that all enterprises-large, small, for-profit or nonprofit, manufacturing or non-manufacturing-need a variety of cost data for making day-to-day operational decisions. In other words, for the modern cost accountant, a positive emphasis on analysis and interpretation) requires involvement in the dynamic stage of business-the present and the future. During the dynamic phase, the focus is mainly on planning (i.e., selecting objectives and managing their attainment) and controlling (ensuring compliance with established plans).

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