Question

The main purpose of Cost Accounting is to ____________________.

• A. Assist management in decision making related to costs
• B. Maximize profits and minimize losses
• C. Comply norms issued by the Government of India from time to time
• D. Prepare cost accounts in line with the accounting standards

Answer 1

The correct option is A Assist management in decision making related to costs

The main objective of cost accounting are ascertainment of cost, fixation of selling price, proper recording and presentation of cost data to management for measuring efficiency and for cost control and cost reduction, ascertaining the profit of each activity, assisting management in decision making process.