Chapter 1: Introduction Managerial accounting: decision making and control The internal accounting system, an important component of a firm’s information system, includes budgets, data on the costs of each product and current inventory and periodic financial reports. Internal accounting systems serve two purposes: v Provide some of the knowledge necessary for planning and decision making; v Help motivate and monitor people in organizations (control). The most basic control use of accounting is to
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succinctly financial accounting concepts • Elucidate on different principles of financial accounting • Explicate the importance and scope of financial accounting • Understand Generally Accepted Accounting Principles(GAAP) • Identify limitations of Financial Accounting Time Required to Complete the unit 1. 2. 1st Reading: It will need 3 Hrs for reading a unit 2nd Reading with understanding: It will need 4 Hrs for reading and understanding a unit 3. 4. 5. Self Assessment: It will need 3 Hrs for reading
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succinctly financial accounting concepts • Elucidate on different principles of financial accounting • Explicate the importance and scope of financial accounting • Understand Generally Accepted Accounting Principles(GAAP) • Identify limitations of Financial Accounting Time Required to Complete the unit 1. 2. 1st Reading: It will need 3 Hrs for reading a unit 2nd Reading with understanding: It will need 4 Hrs for reading and understanding a unit 3. 4. 5. Self Assessment: It will need 3 Hrs for reading
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Models in Variance Analysis for Better Control and Decision Making,” by Kennard T. Wing, Management Accounting Quarterly (Winter 2000), pp. 1-9. This article points out that oversimplifications of fixed and variable costs can result in the standard costing system not being used or, if used, can lead to bad decisions. That is, misclassifications of cost behavior patterns make variance analyses “paper tigers.” For variance reporting to be useful, financial managers need to develop cost models that reflect
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STRATEGIC MANAGEMENT ACCOUNTING UNIT – I MANAGEMENT ACCOUNTING – SCOPE- STRATEGIC IMPORTANCE – NATURE AND CHARACTERISTICS OF MANAGEMENT CONTROL SYSTEM “The accounting people are expected to do things that are much more strategic and much more forward looking than they have been expected to do in the past”. INTRODUCTION1 Mission of Disney – “To offer quality entertainment that people seek out”. The Walt Disney Company has long been widely admired as visionary and well-managed
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fulfillment of the requirement for the two years full time post graduate degree in MASTER OF BUSINESS ADMINISTRATION(MBA) Supervised by: Dr. Bindu Arora Submitted by: Akansha Tyagi(MBA) Department of Management Studies Kanya Gurukul Mahavidyalaya, Dehradun 2nd Campus, Gurukul kangri University, Haridwar 2009-2011 ACKNOWLEDGEMENT I wish to thank Indian Tobacco Company Limited, Sidcul and its employees, who gave me their precious time to make me learn some important aspects of the Organization
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Budgeting Get Started What would you do? Mei Po runs a small artisan shop that makes decorations and gifts for the Chinese New Year. Unique hand-crafted touches and a great word-of-mouth reputation keep her products in high demand. Recently, Mei Po learned that the space next door was available to lease. The timing was right as she was looking to expand her business. But as she reviewed the loan application, she noticed that in addition to a business plan, she needed to prepare a one-year budget
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Accounting Financial Accounting and Cost Accounting Management Accounting Financial, Cost and Management Accounting Cost Concept and Cost Object Cost Management Cost Classification Methods of Costing Techniques of Costing Specific Cost Systems Cost Department and its relationship with other Departments Installation of Costing System Specimen Questions with Answers Test Yourself Page . No 1 1 2 3 4 .5 6 7 10 12 13 14 16 17 18 20 1.0 EVOLUTION OF COST ACCOUNTING, COST CONCEPTS AND COST CLASSIFICATION 1.1
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EXECUTIVE SUMMARY China becomes the 1st exporter in the world after 25% rise in 2009 and export is the major contribution of its economic development in the past decades. Accelerated growth of the world export share was to 40% from 8% in 5-years time. The combined factors driving China’s success are the participation of the World Trade Organization (hereafter called “WTO”) in 2001 to open up the bilateral trading with the U.S. and other countries, restricted currency policy and effect of globalization
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Accounting Financial Accounting and Cost Accounting Management Accounting Financial, Cost and Management Accounting Cost Concept and Cost Object Cost Management Cost Classification Methods of Costing Techniques of Costing Specific Cost Systems Cost Department and its relationship with other Departments Installation of Costing System Specimen Questions with Answers Test Yourself Page . No 1 1 2 3 4 .5 6 7 10 12 13 14 16 17 18 20 ♦ ♦ 1.0 1.1 EVOLUTION OF COST ACCOUNTING, COST CONCEPTS AND COST CLASSIFICATION
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