what are some advantages of cost accounting 
since cost accounting methods are developed by and tailored to a specific firm they are highly customizable and adaptable managers appreciate cost accounting because it can be adapted tinkered with and implemented according to the changing needs of the business unlike the financial accounting standards board fasb driven financial accounting cost accounting need only concern itself with insider eyes and internal purposes management can analyze information based on criteria that it specifically values which guides how prices are set resources are distributed capital is raised and risks are assumed 