Cost accounting as the key information core of the company management

Radmila Jablan Stefanović
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Radmila Jablan Stefanović: Faculty of Economics, Belgrade, Serbia

Annals - Economy Series, 2010, vol. 4.II, 23-37

Abstract: The management is expected to lead the company towards the achievement of set objectives which, in the contemporary settings of marked external and internal complexity, inevitably requires sophisticated expert knowledge and skills, as well as quality information support. Cost accounting generates cost and performance information with the goal of qualitatively meeting information needs of, above all, internal users. It represents the essential part of the company’s accounting information system as a whole and it is often stressed as the key information core and a reliable information support for the company’s management in performing their managerial activities. The contemporary business environment inevitably requires the restructuring of cost accounting and new approaches to costing and cost management, in the attempt to improve the quality of cost information that has always been the object of particular interest. Moreover, only a flexibly designed cost accounting information system can qualitatively respond to the increasingly numerous and various information requirements. In this paper we discuss the role cost accounting has in offering adequate information support to managers at all managerial levels. We emphasize some of the new tools, techniques, concepts and approaches to costing and cost management.

Keywords: Management; Strategy; Process; Cost Management (search for similar items in EconPapers)
Date: 2010
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