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Lesson Learned: Since cost accounting does not follow any standards,
every company has their own discretion on how they will prepare their
costing system and have the full liberty of choosing the treatment of
such cost. Most companies have their modified cost accounting system
that will be applicable for their specific businesses. The cost
accounting system of Company A may not be applicable to Company B. That
makes cost accounting flexible in so many ways but at the same time it
gets even more complicated to comprehend.
For the entire Accounting 109 experience, from the first day of
classes down to the last day of this research, it still did not make me
dislike cost accounting a little less. On a personal note, it made me
affirm that the concepts and data written on our books are so
theoretical, not realistic and are usually not followed in the real
business world. Cost accounting dont really have any standards nor
boundaries to follow, so as long as its applicable then its usable.
My brain doesnt work that way. I live for standards and principles and
I work best when I follow the rules and cost knows no rules.
I may not like cost before, I may not like cost right now, and I
may not like it more in the future, but in the end of the day its really
not about WANTING to take the medicine but the NEED to take it. And
right now, I need more dosage of Cost Accounting.
PHOEBE GRACE NINA B. CODERA
From the basic in classifying cost, to make master budget and until
prepare financial statements. The standard costing play a vital role,
it is the tool use by the management to control cost. All the topics are
related to each other. I realized you must know the very basic beginning
so that it can easy for you to proceed to the next topic.
CHARLENE A. MIANO