Tag Archives | Accounting

5 essential objectives of Cost Accounting

The main objectives of Cost Accounting are as follows : (i) Ascertainment of cost, (ii) Determination of selling price, (iii) Cost control and cost reduction, (iv) Ascertaining the profit of each activity, (v) Assisting management in decision-making.

Here is your brief note on accounting costs and economic costs

Accounting costs refer to those costs that are paid by the entrepreneur while hiring the factors of production from outside. He has to pay rent for the hired land and building, wages to the laborers employed and interest on capital borrowed.

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