The volume also contains a chapter on current account accounting, highlighting the way in which the accounting system is used to monitor the performance of a national economy in order to guide public policy. The book also contains a chapter on microeconomics and a chapter on international accounting. The authors claim that the central problem in international accounting is the quest to understand how a country can allocate the cost of its imports and exports, hence the book contains a chapter on international costing.
The central problem in international accounting is the quest to understand how a country can allocate the cost of its imports and exports, hence the book contains a chapter on international costing.
Criticisms
The three largest criticisms of cost accounting are its use of inappropriate measures of cost, its denial of the existence of true cost, and the lack of a link between cost and cost-efficiency. Some of the major criticisms include:
It is inappropriate to use the same measures that are applied within a corporation to cost a product sold in the marketplace. In addition to this, within an economy, there are many externalities that need to be accounted for. The cost of externalities is not taken into account by using cost accounting.
Even if we assume that the cost of externalities is taken into account, they are not known. Internal costs are not factored into an estimate of cost.
The existence of true cost is denied in cost accounting. The book does not give any further explanation or evidence on the denial of true cost.
The link between cost and efficiency is missing. As the book does not have a clear explanation, there is no way to see the link between cost and efficiency.
The book does not give any explanation on why cost should be considered a measure of efficiency. It does not explain the link between cost and efficiency. It uses cost accounting as a tool to measure the performance of an economy.
References
External links
Category:2009 non-fiction books
Category:Accounting books
Category:Accounting in the United Kingdom
Category:Cambridge University Press books FILED 01e38acffe
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