【答案解析】Suggested answer:
Cost accounting plays a crucial role in business
Cost accounting focuses on the analysis and interpretation of cost information and is a cornerstone in the workings of any private enterprise or government organization. Cost accounting helps managers understand the different aspects of running a business. The process of involves tracking, recording and analyzing costs associated with the products or activities of an organization. Cost accounting deals with cost and benefit analyses of products or services and demands an analytical, focused and objective mind. Cost accountancy often deals with making forecasts about prices of materials, labor and production, requiring sound, informed judgment. A good cost accountant helps to minimize expenditure and ensures a proper utilization of resources. This analysis helps in comparing financial performances, making assessments and projections, providing figures for future costing and pricing policies and other managerial decisions.