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Cost Accounting FMGT 3210 Chapters 1-4 (1).
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Cost Accounting FMGT 3210 Chapters 1-4 (1).
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Cost Accounting FMGT 3210 Chapters 1-4cost accounting - ANS-measures, analyzes and reports financial and non
financial information related to the costs of acquiring or using resources in an organization.
-provides information on the accumulation and recovery of costs
cost management - ANS-includes the activities of identifying, reporting, and analyzing all costs
of operations
-an integral part of management strategies
financial accounting - ANS-Measures and records business transactions and provides financial
statements that are based on generally accepted accounting principles.
-It focuses on reporting to external parties such as investors and banks.
-goal is to present fairly to external parties
-uses standardized reports such as balance sheet, income statement, and cash flow statement
-based on gaap and ifrs
management accounting - ANS-measures, analyzes, and reports financial and non financial
information to internal managers.
-goal is to use past information to predict the future
business operations - ANS-activities that convert resources into a product or service ready for
sale
strategy - ANS-specifies how an organization matches its own capabilities with the opportunities
in the marketplace
two strategies
1. cost leadership (quality products services at low prices)
2.value leadership (unique, higher value products and services)
the value chain - ANS-the sequence of business functions in which customer usefulness is
added to products or services
-management accounting provides financial information for each function
business functions and costs of the value chain - ANS-r&d costs
design costs
production costs
marketing costs
distribution costs
customer service costs
, supply chain analysis - ANS-describes the flow of goods, services and information from the
initial sources of materials and services to the delivery of products to consumers (customers),
regardless of whether those activities occur in one or multiple organizations
supply chain management - ANS-integrates and coordinates activities across:
all companies in the supply chain function
business functions in each companys value chain
aims to reduce cost and improve reliability
key success factors - ANS-are those activities that are essential to successful corporate
performance
-cost and efficiency
-quality through total quality management
-time
-innovation
5 step decision making process - ANS-1. Identify the problem and uncertainties
2. Obtain information (benchmarking)
3. Make predictions about the future
4. Chose among alternatives
5. Implement the decision, evaluate performance, and learn
control - ANS-actions to measure and evaluate performance and take corrective action
cost-benefit approach - ANS-Net benefits from using resources should exceed cost of those
resources
behavioural and technical considerations - ANS-considerations that motivate managers and
other employees to try and achieve the goals of the organization
-systems are not confined to technical matters
-include the role of individuals and groups
different costs for different purposes - ANS-one concept does not fit all purposes
line management - ANS-managers directly responsible for attaining the goals of the
organization
staff management - ANS-Staff (such as management accountants and human resources
managers) who provide advice and assistance to line management.
Chief Financial Officer (CFO) aka finance director - ANS-is the senior officer empowered to
oversee the financial operations of an organization
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