What are the main Objectives of Cost Accounting?

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Main objectives of Cost Accounting are detailed below:

(i) Ascertainment of cost of each product, process or operation as well as total costs to fix selling price.

(ii) Identification of profitable and unprofitable products to imp profitability.

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(iii) Preparation and submission of quotations and tenders with the help relevant information.

(iv) Comparison of product-wise and firm-wise operation cost to determine efficiency in operation.

(v) Detection and prevention of “wastage, leakage and inefficiencies operation.

(vi) Assistance in various policy decisions like, make or buy, introductions new product, utilization of idle capacity, replacement of plants etc.

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(vii) Control over inventory-raw material, work-in-progress, finished goods consumable stores.

Broadly these objectives can be grouped into three categories: (a) Ascertains and analysis of cost. (b)Accumulation and utilization of cost data for managerial decision and (c) Cost control.

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