Regarded as every business’ financial compass, cost accounting represents a crucial procedure of a company’s internal management process, as it allows entrepreneurs to determine how a company is managing its capital, as well as its earnings and losses. To achieve a precise internal control, cost accounting must be put at the forefront of any accounting strategy, while also focusing on merchandising and service sectors, sustainability, and innovation.

A cost accounting system collects and classifies costs and assigns them to cost objects. The goal of a cost accounting system is to measure the cost of designing, developing, producing (or purchasing), selling, distributing, and servicing particular products or services. This course aims to give you a critical overview of cost accounting systems as practices by which organizations plan and control their activities in societies, and the profits generated through these activities.