By Don R. Hansen
Introduce your scholars to the dynamic, intriguing nature of fee administration as this variation demonstrates how modern-day stipulations continually require swap in price administration platforms. Hansen/Mowen/Guan's price administration: ACCOUNTING AND keep an eye on, 6th variation, first covers functional-based fee and keep an eye on after which activity-based rate structures, giving scholars the knowledge and abilities to regulate any rate administration method. This edition's expansive insurance and constant awareness to technical element offers a radical, well-researched starting place for studying. It addresses the latest influential issues and rising methods affecting the self-discipline, together with a brand new bankruptcy on lean accounting and a spotlight on know-how instruments that definitely impression inner costing practices.
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Extra info for Cost Management: Accounting and Control, 6th Edition
Example text
Decision making is choosing among competing alternatives. The cost management system differs from the financial accounting system primarily in its targeted users. Cost management information is intended for internal users, whereas financial accounting information is directed toward external users. Cost management is not bound by the externally imposed rules of financial reporting. It provides more details than financial accounting, and it tends to be broader and multidisciplinary. Changes in the manufacturing environment brought about by global competition, the advanced manufacturing environment, customer focus, total quality management, time as a competitive factor, and efficiency are having a significant effect on the management accounting environment.
Exhibit 1-4 shows a performance report that compares budgeted sales and cost of goods sold with the actual amounts for the month of August. ” These performance reports can have a dramatic impact on managerial actions—but they must be realistic and supportive of management plans. Revenue and spending targets must be based (as closely as possible) on actual operating conditions. EXHIB IT 1-4 Performance Report Illustrated Golding Foods, Inc. Performance Report For the Month Ended August 31, 2010 Budget Item Actual Budgeted Variance Sales .
The cost accounting system is a cost management subsystem designed to assign costs to individual products and services and other cost Special Reports Financial Statements Budgets Performance Reports Outputs 6 Part One Foundation Concepts objects as specified by management. For external financial reporting, the cost accounting system must assign costs to products in order to value inventories and determine cost of goods sold. Furthermore, these assignments must conform to the rules and conventions set by the SEC and the FASB.