ECONOMICS

Detailed explanation-1: -Using the cost accounting method, companies track all of their costs and allocate them to individual processes or units of production, allowing managers to better understand the economics of their business’s activities.

Detailed explanation-2: -Cost accounting is a process of assigning costs to cost objects that typically include a company’s products, services, and any other activities that involve the company. Cost accounting is helpful because it can identify where a company is spending its money, how much it earns, and where money is being lost.

Detailed explanation-3: -Cost and management accounting is a form of accounting that aims to maximise profit by managing revenues and expenses. It provides data and reports used by managers to inform their strategies around long-term profit and growth.

Detailed explanation-4: -When looking to study cost and management accounting, learn the basics. Obtain a strong foundation and understanding of the principles and techniques, and then practise, practise and practise. Be patient. If you do not get it the first or second time around, by the third or fourth exercise things will start looking up.