managerial cost Accounting , Slides of Cost Accounting

slides for cost accounting course

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2016/2017

Uploaded on 11/05/2017

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Chapter 1
(Text book: Cost Accounting, 12th ed.)
The Accountant’s Role in the
Organization
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Chapter 1

(Text book: Cost Accounting, 12th^ ed.)

The Accountant’s Role in the

Organization

Accounting Disciplines

  • (^) Financial Accounting: focus on external users and GAAP rules
  • (^) Managerial Accounting: focus on internal users and is not necessarily GAAP-driven. Also provides data that helps managers make decisions to fulfill the goals of the organization
  • (^) Cost Accounting: measures, analyzes, and reports financial and nonfinancial information relating to the cost of acquiring or using resources in an organization.

Management Accounting and Value

  • (^) Creating value is an important part of planning and implementing strategy
  • (^) Value is the usefulness a customer gains from a company’s product or service
  • (^) Value Chain is the sequence of business functions in which customer usefulness is added to products or services

Key Success Factors

  • (^) The dimensions of performance that customers expect, and that are key to the success of a company include: - (^) Cost and efficiency - (^) Quality - (^) Time - (^) Innovation

Management Accounting Roles

  • (^) Problem Solver:
    • (^) Of the several alternatives available, which is the best?
  • (^) Scorekeeper:
    • (^) How are we doing?
  • (^) Attention Director:
    • (^) What opportunities and problems should managers focus on?

Management Accounting Guidelines

  • (^) Cost – benefit approach is commonly used: benefits generally must exceed costs as a basic decision rule
  • (^) Behavioral and Technical Considerations – people are involved in decisions, not just dollars and cents
  • (^) Different definitions of cost may be used for different applications