DISCUSS the essential features of a good cost accounting system?

(a) The essential features, which a good Cost Accounting System should possess, are as follows: (a) Informative and Simple: Cost Accounting System should be tailor-made, practical, simple and capable of meeting the requirements of a business concern. The system of costing should not sacrifice the utility by introducing meticulous and unnecessary details. (b) Accuracy: The data to be used by the Cost Accounting System should be accurate; otherwise it may distort the output of the system and a wrong decision may be taken. (c) Support from Management and subordinates: Necessary cooperation and participation of executives from various departments of the concern is essential for developing a good system of Cost Accounting. (d) Cost-Benefit: The Cost of installing and operating the system should justify the results. (e) Procedure: A carefully phased programme should be prepared by using network analysis for the introduction of the system. (f) Trust: Management should have faith in the Costing System and should also provide a helping hand for its development and success.