In a business organization, there are different aspects that affect its operations directly. Among the factors, playing a crucial role in monitoring the performance of a financial organization is a financial system. A financial system refers to the procedures used by an organization that monitors the organization’s financial activities.

The management of costs has become one of the core determinants of the success of a company. Companies that are capable of effectively managing their costs have higher chances of success. The companies that do not manage their costs as effectively eventually fail. In order for the organizations to attain growth, the selection of the costing method and the management of the costs is a vital and the irreplaceable activity.