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The importance of cost accounting plays a major role in our society, setting retail prices for merchandise and goods used by the consumer. Billions of dollars are spent each year on goods and services that the average consumer may rely heavily upon, so it is only in good moral standing to regulate and restrict the amount paid for such materials. In many countries including the United States the levels of income very from person to person. Regardless of the amount of money earned per individual, the costs for available products should be fair and not subject to dramatic exponential increases or decreases. Thus, the creation of a committee that determines a set price on all consumer goods, and devises a set of concrete standards that are to be lawfully followed by large corporations and businesses to the single individual. Realizing the usefulness of regulating cost accounting, a board to do just that, was formed, the Cost Accounting Standards Board (CASB) was founded.
The CASB......

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Approximate Word Count: 1311
Approximate Pages: 6 (250 words per double-spaced page)

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