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Cost Accounting ch.1

TermDefinition
Management accounting profession that involves partnering in management decision making, devising planning and performance management systems, and providing expertise in financial reporting
Strategy A plan for using a firm’s resources to achieve sustainable goals within a competitive environment
difference between financial and cost. cost focuses on... Internal users Emphasis on usefulness and timeliness, key characteristics of decision-relevant information
Four Functions of Management Strategic management Planning and decision-making Management and operational control Preparation of financial statements
Strategic management Most important management function Involves identifying and implementing goals and action plans to maintain a competitive advantage Monitoring of Critical Success Factors (CSFs) is necessary
Planning and decision-making Information is needed to support recurring decisions such as scheduling production and pricing Information is needed for short-run planning (budgeting) and profit planning (Cost-Volume-Profit analysis)
Management and operational control Information is needed to identify inefficient operations and reward effective management practices
Preparation of financial statements Information is needed to guarantee compliance with regulatory reporting requirements
Changes in the Contemporary Business Environment Shift to a global business environment Lean Manufacturing(Just in time) Importance of information technology Focus on the customer Shifts in management organization Social, political, and cultural considerations
Created by: jwils111