TAILIEUCHUNG - Managerial Accounting and Cost Concepts

“Creating value through values” is the credo of today’s management accountant. It means that management accountants should maintain an unwavering commitment to ethical values while using their knowledge and skills to influence decisions that create value for organizational stakeholders. These skills include managing risks and implementing strategy through planning, budgeting and forecasting, and decision support. Management accountants are strategic business partners who understand the financial and operational sides of the business. They report and analyze not only financial measures, but also nonfinancial measures of process performance and corporate social performance. Think of these responsibilities as profits (financial statements), process (customer focus and satisfaction), people (employee learning and satisfaction),. | A LOOK BACK 1 In the Prologue we established the business context within which management accounting operates. We discussed topics such as strategy Lean Production and corporate governance that influence how managers perform their jobs. In addition we introduced Good Vibrations an international retailer of music CDs and learned about its organizational structure. Managerial Accounting and Cost Concepts A LOOK AT THIS CHAPTER After describing the three major activities of managers in the context of Good Vibrations this chapter compares and contrasts financial and managerial accounting. We define many of the terms that are used to classify costs in business. Because these terms will be used throughout the text you should be sure that you are familiar with each of them. A LOOK AHEAD Chapters 2 3 and 4 describe costing systems that are used to compute product costs. Chapter 2 describes job-order costing. Chapter 3 describes activity-based costing an elaboration of job-order costing. Chapter 4 covers process costing. CHAPTER OUTLINE The Work of Management and the Need for Managerial Accounting Information Planning Directing and Motivating Controlling The End Results of Managers Activities The Planning and Control Cycle Comparison of Financial and Managerial Accounting Emphasis on the Future Relevance of Data Less Emphasis on Precision Segments of an Organization Generally Accepted Accounting Principles GAAP Managerial Accounting Not Mandatory General Cost Classifications Manufacturing Costs Non manufacturing Costs Product Costs versus Period Costs Product Costs Period Costs Prime Cost and Conversion Cost Cost Classifications on Financial Statements The Balance Sheet The Income Statement Schedule of Cost of Goods Manufactured Product Cost Flows Inventoriable Costs An Example of Cost Flows Cost Classifications for Predicting Cost Behavior Variable Cost Fixed Cost Cost Classifications for Assigning Costs to Cost Objects Direct Cost Indirect Cost Cost Classifications for .

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