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Cost Chapter 1

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by

Dan Andrews

on 28 August 2017

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Transcript of Cost Chapter 1

Management Accounting
What is Managment Accounting?
It measures and reports financial and
non-financial information that helps
managers make decisions to fulfill the
goals of an organization.
What is Financial Accounting?
Reporting focus directed to?
What does it measure?
What is the final product?
What are the criteria?
Cost Accounting
Info for both management and financial accounting
measures financial & non-financial data
Cost Management
Describes activities in planning & control
Includes continuous reduction of costs
Key part of overall strategy
Key Themes in Management Decision Making
Customer Focus
Value Chain
and
Supply Chain
Analysis
Key Success Factors:
Cost and Efficiency,
Time, Quality,
Innovation
Continuous
Improvement
and
Benchmarking
Key Guidelines
Cost-benefit approach
Full recognition of behavioral as well as
technical considerations

Using different costs for different purposes
Ethical Guidelines
IMA- Standards of Ethical Conduct
Competence
Integrity
Confidentiality
Objectivity
Managerial Accounting
Financial Accounting
Purpose
Decision making
Communicate financial position to outsiders
Primary Users
Internal managers
External users
Focus Emphasis
Future-oriented
Past-oriented
Rules
Do not have to follow GAAP; cost vs. benefit
GAAP compliant; CPA audited
Time Span
Ultra current to very long time horizons
Historical monthly, quarterly reports
Behavioral Issues
Designed to influence employee behavior
Indirect effects on employee behavior
Strategy & Management Accounting
Strategy – specifies how an organization matches its own capabilities with the opportunities in the marketplace to accomplish its objectives
Strategic Cost Management – focuses specifically on the cost dimension within a firm’s overall strategy
Full transcript