Essential Elements of Effective Cost Accounting Information

Essential Elements of Effective Cost Accounting Information

For Cost Accounting Information provided for management to serve its role effectively, it should have some essential elements among which are:

1. The statement containing the information should have appropriate heading so that the management can know at a glance what the statement is all about.

2. The officer receiving the report must be the appropriate person for the decision on hand.

3. The information must be prepared timely if it is to be useful.

4. The cost information sent should be sufficiently accurate if wrong decision is not to be taken.

5. The information should be clear and concise for easier understanding.

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