To make production effectively, costs like labor, overhead and material costs all together must be incurred. In fact in the production process every cost plays it role to make the production effective. Take an example of labor cost no production can take place without labor cost, however much it’s the use of machines but the devices too are controlled by labor or humans.
Cost reveals financial evaluation or assessments of resources prolonged to accomplish the goal like producing conducive service. In other words cost is the driver of all the income and expenditure statements. Costs appear everywhere be it in financial accounting, management accounting and in cost accounting governed by its principles. Therefore it should be noted that cost accounting enables the company and the managers to have information about the period financial reports. But this doesn’t mean that the released reports are the generally accepted ones by the Generally Accepted Accounting Principles (GAAP).
Inhaltsverzeichnis (Table of Contents)
- Chapter 1: Introduction to Cost Accounting
- Cost is defined
- Characteristics of Cost
- Chapter 2: Assessment of Financial, Management and Cost Accounting
- Financial Accounting
- Management Accounting
- Cost Accounting
- Cost Accounting with International Public Sector Accounting Standards (IPSAS)
- A glance at Cost Accounting and the Generally Accepted Accounting Principles (GAAP)
- Chapter 3: The Difference between Costing and Cost Accounting
- Cost Accounting Objectives
- Merits of Cost Accounting
- Cost Classification
- Chapter 4: Cost Accounting As Competed in the Global Environment
- Tasks of Managers and Cost Accounting within an Organization
- Organizational Structure
- Roadmap to Going Global
- Chapter 5: Budgeting
- Introduction
- Budget is defined
- Budgeting Systems
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This thesis explores the concept of cost accounting, its importance within the broader context of financial and management accounting, and its application in a globalized environment. It provides a thorough examination of cost accounting principles, objectives, and its role in achieving organizational goals.
- The definition and characteristics of cost
- The relationship between cost accounting, financial accounting, and management accounting
- The objectives and merits of cost accounting
- The role of cost accounting in a globalized environment
- The importance of budgeting in cost accounting management
Zusammenfassung der Kapitel (Chapter Summaries)
Chapter 1 introduces the fundamental concept of cost accounting, defining cost and its characteristics. It emphasizes the significance of cost in production and its role in driving income and expenditure statements. The chapter further highlights the relevance of cost accounting for providing information about financial performance, though it clarifies that such information may not always align with Generally Accepted Accounting Principles (GAAP).
Chapter 2 explores the interconnectedness of financial accounting, management accounting, and cost accounting. Financial accounting is presented as a tool for assessing organizational strengths and weaknesses, while management accounting focuses on providing information for internal decision-making. The chapter also discusses the integration of cost accounting with International Public Sector Accounting Standards (IPSAS) and the relationship between cost accounting and GAAP.
Chapter 3 delves into the distinction between costing and cost accounting. It outlines the key objectives of cost accounting, including cost control, performance measurement, and decision-making. The chapter also explores the advantages of implementing cost accounting systems and examines different methods of cost classification.
Chapter 4 examines the competitive nature of cost accounting in the global environment. It discusses the role of cost accounting in supporting managerial tasks within organizations and analyzes organizational structures. The chapter concludes with an exploration of strategies for achieving global competitiveness through effective cost accounting practices.
Chapter 5 focuses on budgeting, a critical aspect of cost accounting management. It provides a definition of a budget and discusses the various types of budgeting systems employed by organizations.
Schlüsselwörter (Keywords)
Cost accounting, financial accounting, management accounting, cost control, performance measurement, decision-making, global competitiveness, budgeting, International Public Sector Accounting Standards (IPSAS), Generally Accepted Accounting Principles (GAAP).
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- Emmanuel Kasozi (Author), 2013, Cost Accounting Management, Munich, GRIN Verlag, https://www.grin.com/document/213753
