COST ACCOUNTING TECHNIQUES FOR BUSINESS EFFICIENCY

Abstract

Abstract- Cost accounting techniques play a vital role in improving business efficiency by systematically analyzing, controlling, and reducing costs in an organization. In a competitive business environment, effective cost management is essential for achieving profitability, sustainability, and operational excellence. Cost accounting provides scientific methods such as standard costing, marginal costing, budgetary control, activity-based costing, and variance analysis to support managerial decision-making. These techniques help businesses identify cost drivers, eliminate waste, optimize resource utilization, and enhance productivity. This paper discusses the concept of cost accounting, major techniques used for cost control, their applications, advantages, limitations, and their role in improving overall business efficiency.

Keywords: Cost Accounting, Cost Control, Standard Costing, Marginal Costing, Budgetary Control, Activity-Based Costing, Business Efficiency.