Cost Classification

MANAGERIAL ACCOUNTINGSOMNATH DAS BASICS OF MANAGERIAL ACCOUNTING Purpose of the socio-economic class - familiarize you with: 1. Managerial account concepts. 2. Managerial accounting practices. 3. habituate of managerial accounting information for decision making. 4. Pitfalls. accounting system is a branch of study concerned with the generation ( identification & step ) and provision (Communication) of information. Managerial accounting is in particular accounting for the internal management of organizations. A. Financial versus Managerial Accounting Financial AccountingManagement Accounting Approach! unifying concept: assets=equities! no implicit in(p) unity-- many approaches Rules ! G.A.A.P.! no general principles ! mandatory! mostly optional cadence! almost exclusively $! many non-financial elements ! emphasis on precision, objectiveness! subjective estimates Past/Future! based on previous(prenominal)! many future estimates and forecasts Aggregation! overall summary of line of credit! very segmented ! general take aim information! specific purpose reports Frequency! less/mandatory frequency! more general and optional Similarity! basic data source same End core! ends with financial statements! integral part of other business aspects B. damage Accounting Terminology 1.

Nature of appeal greet - A sacrifice of resources: Cost is a measurement in monetary terms of the come in of resources used for some purpose. Expense - The cost charged against tax income in a particular accounting period. 2. Purposes of Gathering Cost Information Routine decision making: Managerialcontrol Accounting Nonroutine decision making Cost... If you need to get a full essay, order it on our website: Orderessay

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