Costing Reports
Information is the life blood of business. The efficiency of an organisation is to a certain extent governed by the relevance and regularity of the information provided to those who perform the functions of management. The required information is supplied through reports which may be oral, graphic or written. However, oral reports should not form the basic of important managerial decisions. It would be advisable to have the reports always in writing. Graphic reports in the form of charts and diagrams facilitate quick grasp of significant trends by those who go through such reports. This aspect is considered in greater details in the next chapter. Meaning of Report A report is a formal communication which moves upward. It differs from the word “communication”. The superior communicates orders to the subordinate. The subordinate communicates results.