Costing System for Use Within the Company. Assessment

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costing system for use within the Company.

Costing systems serve a valuable role in monitoring the health of a company. They are designed to keep a focused eye on expenditures. When the data that is collected and generated by the costing system is integrated into the broader accounting system, the costing approach allows for easy extraction of the data for reports to management. The information that is gathered by a costing system allows owners and managers to quickly identify the current status of two key factors that are relevant to the success of the company: operational costs and performance costs.

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Operational costs are often the foundation of the data collected by a costing system. This information allows management to get an image of all expenditures that are directly connected with the operation of the organization, especially in terms of outlays such as production Performance cost is the second important piece of information that is retrieved with the use of a costing system. This information allows management to view any and all expenditures that are related to helping the company remain profitable beyond the direct cost of operations. Expenses associated with marketing, public relations and sales efforts are examples….....

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