Excerpt from Cost Accounting: Principles and Practice
In View Of the elaborate detail required for adequate study of cost, and of the fact that most cost installations have had the final Objective merely of fixing selling prices, the aversion Of careful managers to the expense involved can be fully under stood and largely justified.
The credit for slowly but surely forcing the issue Of cost accounting belongs chiefly to the accounting profession. Fail ure to prepare financial statements Oftener than once a year has long been recognized by accountants as in every way risky and unbusinesslike. Continual driving for the Objective of analytical costs, in the effort to Obtain a reliable basis for proper selling prices, has largely been responsible for the development Of methods Of assembling costs which have now become live and valuable mediums Of managerial control.
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