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Net present value method - Accounting for Management

This internalization of processes such as spinning, weaving and assembly created a need for determining the cost ofperforming these activities inside the company. From this modest beginning, management accounting has evolved into a dynamic and extremely important,although controversial part of business and economics. As a result, this discipline provides a great many opportunities for students who seek careers inaccounting and other areas of management. The purpose of this book is to help you develop an understanding of the concepts, techniques and controversialissues associated with what most accountants refer to as cost and managerial accounting. Although your initial perception of this course may be somewhatdifferent, this is a very broad discipline with rich conceptual linkages to economics, finance, statistics, production management, management science,marketing and engineering. If you pursue it diligently, this course of study will become an invaluable experience regardless of your particular career path.

Essay about Management Accounting - 1236 Words | …

Investment management involves the planning and decision process for the acquisition and utilization of anorganization's resources, including human resources as well as technology, equipment and facilities. The concept of investment management includes thecapital budgeting discounted cash flow methods traditionally studied in accounting and finance courses, but is more comprehensive in that theorganization's portfolio of interrelated investments is considered as well as the projected effects of not investing. Investment management is more of aholistic concept than capital budgeting in that it considers the effects of an investment decision on the entire organization rather than simply the localareas such as individual departments or individual divisions where the investments are made.

Financial And Management Accounting Essay Examples

Essay on Management Accounting - 1855 Words

1. Explain the difference between conceptual definitions andoperational definitions.
2. Provide conceptual definitions for public accounting, management accountingand governmental accounting.
3. Discuss the various components of management accounting and relate them tothe focus of this textbook.
4. Explain the importance of recognizing the interactive relationships betweensystems, performance measurements, human behavior and variability.
5. Discuss the concept of control.
6. Discuss the relationship between the matching concept and cost accounting.
7. Provide conceptual definitions for some basic cost terms such asmanufacturing costs, selling and administrative costs, variable costs, fixedcosts and mixed costs.
8. Discuss two global variants of capitalism in terms of the major concepts andassumptions underlying the economic system.
9. Explain how the major business concepts, attitudes and practices differ forthe two global variants of capitalism discussed in learning objective 8.
10. Discuss why the two global variants of capitalism provide an importantunderlying framework for the study of management accounting and relatedmanagement concepts.

Although bookkeeping can be traced back to the thirteenth century, accounting historians place the origin of managementaccounting around 1812. Around this time, textile mills began to perform many processes inside the organization that had previously been performed outside thecompany by independent craftsmen.

Management Accounting Techniques Essay - Paper …

Essay on Management Accounting and the Modern …

Activity management, or activity based management, places emphasis on continuously improving the activities and tasks,or work that people perform in an organization. The main idea is to find and eliminate waste. Conceptually, activity management is somewhat different fromcost management in that it focuses on the waste itself, not the cost of waste.It is a process oriented approach rather than an accounting results oriented approach. Activity management also has a long run, rather than a short runemphasis. Although activity management is part of the cost management system (CMS) advocated by CAM-I, it is important to make a distinction between managingcosts (accounting results) and managing activities (processes or work). This distinction is important because placing too much emphasis on costs (or anyother short run results oriented measurement) may cause managers to make decisions that reduce costs, but are not in the best interest of theorganization's long run performance and competitiveness. A few examples include a manager's decision to reduce research and development, employee training, andpreventive maintenance just to improve short term accounting results. This conceptual distinction provides the reason cost management and activitymanagement are presented as separate concepts in Exhibit 1-2.

Cost management is a term that has been popularized by CAM-I (Consortium of Advanced Management - International).Cost management is said to be a more comprehensive concept than cost accounting in that the emphasis is on managing and reducing costs rather than reportingcosts. In other words, it is a long run proactive approach ratherthan a short run reactive approach. For example, a great deal of attention is given to reducing costs at the design stage of a product's life cycle ratherthan simply attempting to measure and control cost during the production stage. James Brimson, who originally served as CAM-I's Cost Management Systems (CMS)project director, defines cost management as, "the management and control of activities to determine an accurate product cost, improve business processes,eliminate waste, identify cost drivers, plan operations, and set business strategies. Based on Brimson's definition, the concept of activitymanagement is part of the cost management discipline originally defined by CAM-I, although the term cost management might be interpreted differently as indicated below.

Topic: Management Accounting - Essay Kitchen
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Cost and Management Accounting Essay - 2011 Words

Cost accounting is linked to tax accounting, financial accounting and managerial accounting in Exhibit 1-2because it is an important component of each discipline. Why? Because cost accounting involves determining the cost of something, such as a product, aservice, an activity, a project, or some other cost object. These costs are needed for several purposes. For example, the costs of products and servicesproduced and sold are needed for both tax and external financial statements. In other words, tax and financial accounting depend on cost accounting to providecost information. Information about costs is also needed for a variety of management decisions. For example, cost estimates are needed to determinewhether or not a product or service can be produced and sold at a profit. Unit costs of a product (or service) are also needed for product pricing and productdiscontinuance decisions. In addition, accurate cost information is required to determine whether or not a company should make (produce) or buy the rawmaterials, parts and subassemblies that become part of its major products and services. From this perspective, cost accounting is perhaps underrated as adiscipline since none of the other disciplines including tax accounting, financial accounting or managerial accounting could exist without cost accounting.

Management Accounting Essay Examples - New York essay

Managerial accounting and the connecting branches highlighted in Exhibit 1-2 provide the focus of this textbook. Asindicated in the exhibit, managerial accounting is linked to cost accounting, cost management, activity management and investment management. Managerialaccounting involves generating information for internal users including all levels of management and others within the organization. Some of the sameinformation is reported that appears in the external financial statements, but frequently the information provided to internal users is in more detail,provided more often, and in many different forms depending on how the information is to be used. A key difference between financial accounting andmanagerial accounting is that managerial accounting reports are not directly constrained by GAAP.

Management Accounting Problem | Assignment Essays

Prior to 1950, cost accounting courses emphasized generating cost information for tax and financial accountingpurposes. These courses had a fairly narrow orientation towards inventory valuation for external reporting. However, in 1950 a textbook by William Vatterplaced more emphasis on the internal user of accounting information, rather than the external user. After 1960, most cost accounting textbooks had adistinctive managerial decision orientation. Vatter’s work was definitely a turning point. Two other very influential books, although they are nottextbooks, were published in 1987 and 1988. These works include by H. Thomas Johnson andRobert S. Kaplan and edited by Callie Berliner and James A. Brimson. These two booksrepresent another turning point for management accounting. Both publications sharply criticize traditional accounting and propose substantial changes ininternal accounting systems. These important publications introduced the concepts of cost management, activity management and investment management thathave become important components of management accounting.

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