Answer to Question #122426 in Management for Adjanor Doris

Question

MEMBED Ltd has been in business for the past 20 years. In the last meeting of the Board of Directors, it was
proposed that a cost accounting system be established and a Cost Accountant employed. However, the
Managing Director disputed this proposal on the grounds that there is no need for a cost accounting system. He
also argued that there is no need for a Cost Accountant as the Accountant of the company is enough for all
accounting functions. You are a trainee accountant who has just joined the company as an intern.
Required:
Write a report to the MD explaining what a cost accounting system is and discuss the argument by the Managing
Director.

Answer 1

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