Cost accounting method, assess company's production cost, which focus on firm specific system used mainly to determine cost control, inventory and profitability. It is a flexible method when compared to general accounting. Advantages include adaptability, that is any change can be implemented with changes in business. Ease of monitoring and controlling labour cost, which means the management can choose based on effeciency and productivity. In this method there is an ability to view data on a different way, that is accounts, calculation and manipulations can have a different angle of view. Disadvantages include costs, that is benefit of cost accounting comes with a price. Its complexity needs lots of work and adjustments are to be made for improving. To verify accuracy, there is need for additional steps and high skilled accountants and auditors can charge more for their services. More information about the topic can be understood from the presentation.

Abhijith S

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