what are the objectives of cost Accounting?

Main objectives of cost accounting :

• To ascertain the cost per unit of the different product manufactured by a business concern;
• To provide a correct analysis of the cost both by process or operations and by different elements of cost;
• To  disclose sources of wastage whether of material, time or expense o in the use of machinery, equipment, and tools and to prepare such report which may be necessary to control such wastage;
• To provide requisite data and serve as a guide for  fixing prices of product manufacture or services rendered;
• To ascertain the profitability of each of the product and  advise management as to how this pofit can be maximized;
• To exercise effective control of stocks of raw material, work-in-progress, consumable stores and finished good in order to minimize the capital locked up  in these stocks;
• To reveal sources of the economy by installing and implementing a system of cost control for material, labor, and overhead ;
• To advise management on future expansion policies and proposed capital project;
• To present and interpret data for management planning, evaluation of performance and control;
• TO help in the preparation of the budget and implementation  of budgetary control ;
• To organize and effective information system so that different level of management may get the required information at the right time in the right  form of carrying out their individual responsibilities in an efficient manner;
• To guide management  in the formulation and implementation of incentive bonus plans based on productivity and cost saving ;
• To supply useful data management for taking various financial decisions such as introductions of new poduct , replacement  of  labour by machine etc ;
• To  help in supervising the working of punched cad  accounting or data processing through computers;
• To organise the internal audit  system to ensure effective workinng of a different department;
• To organise cost reduciton  programmes with  the help of different departmental manager;
• To provide specialised services of cost audit in order to prrevent the error and fraud and to facilitate  prompt and eliable infomation to managemnt; and
• To fiind out costing profit or loss by identifying with revenues cost of those product or services by selling  which the revenue haave resulted.