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LIMITATIONS OF COST ACCOUNTING
Cost Accounting similar to additional branches of accountancy is not an precise science although is an art which was developed throughout theories and accounting observe based on commonsense and reasoning. These practices are active and evolving. Therefore, it requires a uniform process applicable to all the industries crossways.
1. It is costly and as such may not be practical for small businesses.
2. It is based on evaluation.
3. It may not be appropriate to all sorts of industries.
4. Occasionally, the mistakes in financial statements may get reflected in cost accounts.
Controllable and Non Controllable Costs Controllable costs can be influenced on the level of authority at that they are being analyzed when non-controllable costs cannot.
distinguish between bin card and store ledgre
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what is classification of cost?
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