Why is the design of a cost system so much more complicated today than it was when cost accounting was in its infancy|Quick homework help
Posted: January 27th, 2023
Why is the design of a cost system so much more complicated today than it was when cost accounting was in its infancy?
Submission Instructions:
- Any written explanations should use complete sentences, and appropriate grammar, punctuation, spelling and word usage.
- Your initial post should be at 200-300 words, formatted and cited in current APA style with support from at least 2 academic sources.
SOLUTION
The design of a cost system is more complicated today than it was in the past due to several factors. One of the main factors is the complexity of modern businesses and the variety of products and services they offer. This requires a more sophisticated cost system that can accurately capture and allocate costs across different products and services.
Additionally, advancements in technology have led to an increase in automation and data collection, which has further complicated the design of cost systems. Additionally, the globalization of markets and the increased focus on regulatory compliance have also added complexity to cost systems. Finally, due to the dynamic nature of the business environment, the cost system must be able to adapt to changing conditions, which also increases complexity.
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