Research Paper on:
Cost Accounting Research Proposal

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of business in todays hypercompetitive environment is that organizations must operate with the greatest efficiencies they can find internally. Cost accounting systems can assist in achieving that goal, but  increasingly, simple "numbers" are not sufficient for identifying and pursuing all of the benefits that the company can find. The proposed research will investigate both financial and nonfinancial measures,  for the purpose of identifying that can be meaningful to the new business as well as its parent, and be useful in establishing strategy for the future. Cost Accounting System  There are five primary components to a full cost accounting system: input measurement basis; inventory valuation method; cost accumulation method; cost flow  assumption; and recording interval capability (Martin, n.d.). There are choices within each of these components that the organization can make depending on its specific needs. As example, the  organization can choose to use throughput, direct, full absorption or activity-based costing methods to value inventory (Martin, n.d.); the proper choice for the organization depends on its specific needs and  the industry in which it operates. Inventory valuation will differ greatly between a service-oriented company and a manufacturer, or a wholesaler and retailer. Thus specific choices are dependent  on the type of business that will be using the full cost accounting system. Certainly every business needs to know the true costs  it incurs in the course of its business. There are times, however, that knowledge of costs alone is not enough to give managers the full information they need to  effectively lead the company. The Victorian Fireplace Shop in Richmond, Virginia had been in business for nearly 25 years, and found itself involved in intense activity leading to the