CLASSIFICATION OF ACCOUNTING INFORMATION/ ACCOUNTING DISCIPLINES 1. The Accounting Profession The accounting profession may be divided into two disciplines, namely private accounting and public accounting. a) Private accounting These are accountants employed by a business firm or a NGO- frequently called management accountants. b) Public accounting This provides services on a fee basis. An accountant may practice as an individual or as a member of a public accounting firm. Public
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Evolution of Management Accounting: Contemporary Significance and Retrospection Abstract: The management accounting aim in future forecasting, planning and making decisions for the firm. It is also good at cost managing (cost accounting), improving production and management controlling, for example, the Balance Scorecard and Management Control System. What is evolution? The synonym of evolution is development which means the experiences of its past to present, also means history. Thus
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INCLUDE INCLUDING PUBLIC SAFETY WITH COST EFFECTIVENESS, SECOND IN PURSUING AN ORGANIZATION GOALS MANAGERS MAY MAKE MANY DECISIONS AND FOR THAT THEY NEED INFORMATION. THE INFORMATION NEEDS OF MANAGEMENT EXTEND ACROSS FINANCIAL, PRODUCTION, MARKETING LEGAL AND ENVIRONMENTAL ISSUES. DEFINITION: “MANAGEMENT ACCOUNTING IS THE PROCESS OF PRODUCING FINANCIAL AND NON FINANCIAL INFORMATION TO ASSIST MANAGERS AT ALL LEVELS OF AN ORGANIZATION. MANAGEMENT ACCOUNTING INFORMATION SHOULD BE DESIGNED
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1. Management accounting information focuses on external reporting. Answer: True/False 2. A good cost accounting system is narrowly focused on a continuous reduction of costs. Answer: True/False 3. Modern cost accounting plays a significant role in management decision making. Answer: True/False 4. Financial accounting is broader in scope than management accounting. Answer: True/False
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Managerial accounting is different from cost accounting in that it takes into account more than the cost of the perpetual inventory system; it also has to make decisions based on the needs of the whole company. Cost accounting deals with the process of tracking recording and analyzing costs that are associated with a company’s product or project. As an internal manager, they are the ones that normally use the cost accounting information. Direct costs, indirect costs and overhead costs are what
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------------------------------------------------- Management accounting Management accounting or managerial accounting is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions. In contrast to financial accountancy information, management accounting information is: * primarily forward-looking, instead of
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HUMAN RESOURCE ACCOUNTING AND ITS EFFECT ON ORGANIZATIONAL GROWTH Human Resource Accounting plays a major part in the development and growth of any organization. It primarily identifies the aspects of the progress in the company. This department determines the direction of the organization whether to move backward or to move forward in any industry. The development of human resource accounting originated from the growing needs of the importance of human assets in the management
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ACCOUNTING H525: MANAGERIAL ACCOUNTING AND CONTROL Winter Quarter 2004 INSTRUCTOR: Professor D. L. Jensen 428 Fisher Hall jensen.7@osu.edu (I check my e-mail several times daily and will respond ASAP) 292-2529 at office (Please leave recorded message; if I'm not in, I'll return your call.) 488-8177 at home (Please leave recorded message; if I'm not in, I'll return your call.) Office Hours: By appointment or chance COMMUNICATIONS CONSULTANT: Ms. Rama Ramamurthy 640 Fisher Hall
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Introduction Costs fall into two categories: direct and indirect. Direct costs are those costs which can be attributed to a specific final cost objective(s); alternatively, indirect costs are those costs which have no specific cost objective. An example of a direct cost might be the costs associated with salaries of "hands-on" personnel, e.g., engineers supporting a particular project. An indirect cost might be the office supplies those engineers use, the cost of rent on a facility in which
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When making budget cuts or cutting cost in business it can be a very emotional and difficult task because in most cases it means informing employees that their position in the business is being closed. Cutting salaries and associated cost can cut out a major portion of the organization’s operating cost. Here is a case where Dr. Stephanie White, the Chief Administrator of the Uptown Clinic, is working on reducing the company budget for next year. Dr. Stephanie White needs make at least $94,000 in
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