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What is relevant cost?
A managerial accounting term that is used to describe costs that are specific to management's decisions. The concept of relevant costs eliminates unnecessary data that could complicate the decision-making process. Miss Nasson, India
What are merits and demerits of management accounting?
Merits of Management AccountingManagement Accounting helps in Budgeting by classifying and calculating costs and estimating the costs and revenues for the future. Management Accounting plays a major role in the internal decision making for the organization. Management accountants also find ways to manage the organization's resources in a better way by doing cost savings. Management Accounting makes it possible for the management to understand the needs of the organization and those of the different departments.Using Management Accounting is very important because it helps in managing the internal operations of an organization. Just as Financial accounting is vital for external investors and creditors, Management Accounting is important for the internal managers.
Why is managerial accounting relevant to accounting majors and their future careers?
Managerial accounting mostly concerns the use of accounting information to business managers so they can make better informed financial decisions about the company. This is relevant to all accounting majors and their future careers, because even if they do not intend to enter a management position, they need to know how to relay this information to various management positions.
Is the cost accountant under the general accountant?
Cost accountant is part of Management Accounting. General Accountants are are mostly relevant to Financial Accounting
What has the author Jerome Lee Nicholson written?
Jerome Lee Nicholson has written: 'Nicholson on factory origanization and costs' -- subject(s): Accessible book, Cost accounting, Factory management, Industrial Costs 'Profitable management' -- subject(s): Factory management, Industrial efficiency 'Cost accounting' -- subject(s): Cost accounting
How do you become a certified management?
complete a comprehensive examination that includes accounting and related topics relevant to the broad responsibilities assumed by management Accountants. Work experience in some aspect of management accounting before a candidate is certified
What are the specialized fields of accounting?
Specialised fields of accounting is Financial accounting , cost accounting & management accounting. The classification is purely based on what kind of accounting activities are conducted. E.g; in the case of financial accounting historical business transactions are recorded in the books of accounts of an undertaking. In some situation possible certain due transactions are entered as due entry. Costs considered are historical costs of various transactions In the case of cost accounting cost calculations are done keeping historical & estimated costs. Cost accounting & the process calculating costs vary according to nature of business manufacturing activity or operating activities. costs are classified for costing & estimation which is essential in costing . Accounting function for costs can be historical /estimated or both depending on the policy. Another field of management accounting encompasses both cost & financial accounting data /books to generate management reports (purely internal confidential reports). financial auditor verifies the truthfulness of financial records. financial accounting data is publicized in the form of annual financial reports .costing & management accounting data are generated for internal purposes & they are also subject to cost & management audit. Contributor's ID y_s_ganesh@yahoo.com
What are the fields of Accounting?
Specialised fields of accounting is Financial accounting , cost accounting & management accounting. The classification is purely based on what kind of accounting activities are conducted. E.g; in the case of financial accounting historical business transactions are recorded in the books of accounts of an undertaking. In some situation possible certain due transactions are entered as due entry. Costs considered are historical costs of various transactions In the case of cost accounting cost calculations are done keeping historical & estimated costs. Cost accounting & the process calculating costs vary according to nature of business manufacturing activity or operating activities. costs are classified for costing & estimation which is essential in costing . Accounting function for costs can be historical /estimated or both depending on the policy. Another field of management accounting encompasses both cost & financial accounting data /books to generate management reports (purely internal confidential reports). financial auditor verifies the truthfulness of financial records. financial accounting data is publicized in the form of annual financial reports .costing & management accounting data are generated for internal purposes & they are also subject to cost & management audit. Contributor's ID y_s_ganesh@Yahoo.com
What are take back costs in management accounting?
It is another name for extended producer responsibility(EPR) laws.
Describe the components and interrelationships of different categories of accounting?
The main categories of accounting include financial accounting, management accounting, and cost accounting. Financial accounting focuses on recording and reporting financial information for external users. Management accounting provides financial information to internal decision-makers and helps in budgeting, planning, and decision-making processes. Cost accounting analyzes the cost of manufacturing a product or providing a service. These categories are interrelated as the information produced in financial accounting is used by management accounting for decision-making, and cost accounting employs the techniques and information provided by both financial and management accounting.
Define relevant range in accounting?
an increase or decrease on a company's fixed costs is however not only dependent on the relevant period but also on the relevant production range. The total fixed costs will remain constant if the relevant production range can be handled by the same number of production units, producing fewer steps. If a certain step ( certain cost level) encompasses the entire relevant range of activity, the costs are entirely fixed.
What are the criticisms of traditional management accounting?
Only direct costs can be directly attributed to the funding agencies and their causes. The management accounting as a tool of the accountancy donå«t form the companyå«s production process in terms of value
