Cost accounting is an accounting process that measures and analyses the costs associated with products, production and projects so that correct amounts are reported on financial statements. Cost accounting aids in decision-making processes by allowing a company to evaluate its costs. Some types of costs in cost accounting are direct, indirect, fixed, variable and operating costs. Absorption costing is a costing system which treats all costs of production as product costs, regardless whether they
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Management accounting From Wikipedia, the free encyclopedia | This article contains wording that promotes the subject in a subjective manner without imparting real information.Please remove or replace such wording and instead of making proclamations about a subject's importance, use facts and attribution to demonstrate that importance. (February 2012) | Accounting | | * Historical cost accounting * Constant purchasing power accounting * Management accounting * Tax accounting | Major
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Social accounting(also known as social accounting and auditing,social and environmental accounting,corporate social reporting,corporate social responsibility reporting,non-financial reportingoraccounting) is the process of communicating the social and environmental effects of organizations' economic actions to particular interest groups within society and to society at large. [ 1 ] Social accounting is commonly used in the context of business, or corporate social responsibility(CSR), although any
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Accounting Proposal Introduction The field of accounting affects every active individual within a society to some extent. Taxpayers, families who budget for the future and businesses evaluating potential products use some form of accounting principles to accomplish the tasks required of them. A functional accounting system is critical to the success and health of any given economy. The purpose of this text is to suggest a solution to the lack of a medium through which accounting knowledge is disseminated
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Riordian Manufacturing Accounting Riordan Manufacturing, Inc., the global leader in the field of plastic injection molding. The company produces plastic bottles, fans of all sizes, heart valves, medical stents and custom plastic parts. Riordan Manufacturing is fully owned by Riordan Industries and has 550 employees and generates an excess of $1 billion in revenue with a projected $46 million of annual earnings. Riordan has facilities in San Jose, California, Albany, Georgia, Pontiac, Michigan
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COST ACCOUNTING VS FINANCIAL ACCOUNTING http://www.tutorialspoint.com/accounting_basics/cost_accounting_vs_financial_accounting.htm Copyright © tutorialspoint.com Both cost accounting and financial accounting help the management formulate and control organization policies. Financial management gives an overall picture of profit or loss and costing provides detailed product-wise analysis. No doubt, the purpose of both is same; but still there is a lot of difference in financial accounting and cost
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The relatively new job sector made available through accounting and the Internet has come to existence with the assistance of E-accounting. The first electronic spreadsheet was designed in developed in 1979, following the creation of the first successful PC created by Steve Jobs and Steve Wozinak. Bob Frankston and Dan Brinklin developed the first electronic spreadsheet for the Apple II created by Steve Jobs and named the spreadsheet program, “VisiCalc”. The creation of VisiCalc turned out to be
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Introduction Managerial accounting is concerned with providing information to managers- that is, to those who are inside an organization and who direct and control its operations. Managerial accounting can be contrasted with financial accounting, which is concerned with providing information to stockholders, creditors and others who are outside an organization (Garrison and Noreen, 1999). Managerial accounting information includes: * Information on the costs of an organization’s products
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Kudler Fine Foods Accounting System Kudler Fine Foods is considering hiring a consulting firm to assist in the implementation and execution of a new accounting system. Although Kudler Fine Foods has been able to satisfy the organizations needs with the old accounting system, upper management has decided they have the budget to implement a new accounting system. The budget for the new accounting system is $50,000 (Apollo Group, Inc, 2011). Moreover, the key features of the system will stay
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I. Lean Accounting Lean accounting often refers to more simplified accounting practices that focuses on eliminating waste, reducing production lead time, and producing products on customer demand. But Lean accounting does not stand alone. It is enabled by lean thinking and lean production methods. And lean accounting not only needs lean manufacturing, it also facilitates lean manufacturing.1 That’s why lean accounting is always related to, but not necessarily have to be associated with
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