Having an effective cost accounting system is crucial for businesses to survive in a competitive global market. This article discusses different cost systems, cost allocation methods, and planning techniques to help businesses make informed decisions. The three modules cover topics such as product costing techniques, budgeting, cost estimation, and operational performance measurement. Key concepts include job costing, activity based costing, cost allocation for departments, and strategic pricing. By understanding these principles, businesses can better manage their costs, plan for the future, and improve operational performance.