Hi guys 👋 in this blog let's see the advantages of the cost accounting aith the essential factors of installation of cost system and accounting.
Guidance for future production policy aids in decision making to employee the advantages or facilitating good wage policy by merit rating technique which is conducted by scientific process the advantages to the society sir minimisation of cost of production the creditors advantages in or increase the confidence of creditor in the capital employed knowing every aspect of production easily by using the cost accounting the government helps in formulating policies regarding taxation price control measure veg fixation etc it also help in assessing the process and preparing National plan government helps in assessing exercise duty Income Tax Sales tax value added tax the advantages of cost control or mainly as follows achiving the expected return on capital employed by maximizing or optimising profit increase in productivity of the available resource reasonable price of the customer continue the employment a job of virginity for the worker economic use of Limited resource of production increased credit and economic stability of the industry cost is reduction it is the achievement of real and permanent reduction in the unit cost of goods manufactured or service centre without inspiring date suitability for the use intended on or demunication in the quality of the product essential factors for installation of cost a system or cost accounting system the factors or object of the system scope and extends of coverage the general organisation setup of the business the technical aspect of the concerned the attitude and behaviour of the people in the organisation psycho social aspect the manner in which different variable expenses would be affected with the expansion of different operations the manner in which cost and financial account could be interlock into a single integral accounting system the maximum amount of information that would be sufficient information requirement practical difficulty swell installing a posting system lack of support from laptop management resistance from accounting staff lack of cooperation at the operating level storage of train stop cost of the operating system cost object centre and unit and elements it is a measurement in monetary terms of the amount of resource used for the purpose of production goods and or a rendering service it as three types material labour and expenses in each they have direct and indirect direct all direct or combined together give Prime cost all indirect combined together will give overhead. 
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