Deriving the Hidden Benefits of Cost Accounting Records (Product Costing) as Prescribed under Companies (Cost Records and Audit) Rules 2014, Moving from Insight to Action

Abstract

“The creation, operation, alternation, and cessation of every action and function in an organization – whether within the private, public or voluntary sector – all consume economic resources. Measuring, accumulating, and assigning those resources to the organization’s various processes and outputs allows the structure and operation of the organization to be explained, understood, and improved. Costing, the accounting term that embraces these processes and expresses them using money as a common language, lies at the heart of managerial accountancy and, exercised intelligently, is among the most powerful disciples available to the professional accountants in business.â€

Evaluating and Improving Costing in Organizations - IFAC: International Good Practice Guidance.