Life Cycle of Costing

Life cycle of costing is a method that records and accumulates the real costs and profits attributable to a cost item. This will mean monitoring costs and sales on a product-by-product basis. In any sector, costing is one of the most critical and fundamental knowledge fields. Profit is supposed to be the primary aim of every company, and profit is unquestionably a feature of cost. A company’s success is measured not only by its sales but, more importantly, by how it handles its costs. Businesses struggle due to unregulated prices, not a lack of sales. It is important to first consider the costs before attempting to regulate them. Items, procedures, structures, organizations, and operations all have costs. Students will gain a foundation in the skills required for further accounting studies, office work, and running their own company in this course. These skills are necessary for any student planning to major in business in college or enter the business world successfully. The course will help students gain a greater understanding of the value of accounting in running a successful business. It covers fundamental cost accounting principles and introduces students to methods for evaluating an organization’s performance and profitability