Abstract
Increased complexity of business operations, fast market and technological changes and global competition demand a quick and adequate answer from enterprises' management structures. Reliable and efficient cost accounting system provides a secure basis for making not only short-term, but strategic managements' decisions, as well. Assumptions for an increase of cost management efficiency are better interconnection between financial and management accounting, better control of cost types and cost centers, more reliable information for an alternative business decision making, support to investments control and strategic planning, impact on the motivation of employees and other. Seizing and keeping of enterprise's competitive position is no longer possible without active cost management policy. Research in this paper has shown that enterprises from Serbia's economic sector can significantly improve its business performance and competitiveness through advancement of cost accounting system.
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