Cost Accounting, Managerial Accounting, Financial Accounting

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Cost Accounting, Managerial Accounting, Financial Accounting

  1. 1. ACCO.506<br />COST ACCOUNTING<br />DATE: 11/09/09<br /> <br />JOSE CINTRON,MBA<br />
  2. 2.  Cost Accounting<br />Cost accounting systems are part of an enterprise’s information system and refer to the internal cost tracking an allocation systems to track costs and expenditures. These are internal rather than external accounting systems. <br />Cost accounting measures are the principal financial drivers in day to day business decision making ,moving every aspect of the firm’s activities.<br />
  3. 3. Cost accounting is a difficult matter that specialist accountants use to examine and report on business expenses to ensure financial control. Such expert cost accounting might involve absorption costing, marginal costing, break even and variance analysis<br />Article related to Cost Accounting<br />
  4. 4. Managerial, Cost and Financial Accounting<br />Managerial accounting provides the essential data with which the organizations are actually manage. Managerial accounting is also named as management accounting or cost accounting. <br />Financial accounting offer the scorecard by which a company's overall past performance is judged by outsiders.<br />
  5. 5. Article: Oct 20, 2008 ... Maintaining a system of bookkeeping using accounting software can assist the cost accounting for profit .<br />The great news for small business is that the majority do not need such specialist costing analysis as then proprietor usually has personal detailed knowledge of all expenses incurred within the entity. <br /> <br />
  6. 6. Maintaining a regular system of bookkeeping using affordable accounting software can assist the cost accounting for profit exercise by providing the source and extent of the measures to be taken. <br />Cost Accounting for Profit with Accounting Software<br />
  7. 7. CONCLUTION FOR ARTICLE <br /> Maintaining a regular system of bookkeeping using suitable and affordable accounting software can assist the cost accounting for profit exercise by providing the source and extent of the measures to be taken. <br />
  8. 8.  Benefits of cost accounting<br /> One of the many benefits of cost accounting is that it turns data into information, knowledge and wisdom about a business entity’s operations that is useful for:<br />measuring performance <br />reducing or managing costs  <br />determining the fees or prices for goods/services <br />deciding to authorize, modify or discontinue a program or activity <br />
  9. 9. Benefits of cost accounting<br /> Another benefit is that information on the costs programs and activities may be used as a basis to estimate future costs in preparing and reviewing budget requests. <br /> Once budgets are approved and executed, cost information serves as a useful feedback on performance. <br />Costs may be compared to known or assumed benefits to identify value-added and non-value added activities<br />
  10. 10. Benefits of cost accounting<br /> Cost accounting is especially important for fulfilling the objective of assessing operational performance.<br /> The objective is to improve the efficiency and effectiveness of operations by furnishing program to managers and others with timely and relevant cost-based performance information to allow for continuous improvement in delivering outputs and outcomes to stakeholders.<br />
  11. 11. REFERENCES<br />Full Cost Accounting-Retrieved on November 9, 2009 from:<br />http://www.ce.cmu.edu/GreenDesign/gd/education/FCA_Module_98.pdf<br /> <br /> <br />Introduction to Managerial Accounting--Retrieved on November 9, 2009 from: http://www.accountingformanagement.com/<br /> <br /> <br /> <br />Cost Accounting For Profit With accounting software--Retrieved on November 9, 2009 <br />http://www.diyaccounting.co.uk/articles/accounting_software/cost_accounting_for_profit.<br />htm<br />Financial accountancy-Retrieved on November 9, 2009 from: http://en.wikipedia.org/wiki/Financial_accountancy<br /> <br />What is cost accounting-Retrieved on November 9, 2009 from:<br />http://ezinearticles.com/?What-is-Cost-Accounting?&id=708992<br />

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