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Monday, February 14, 2011

Cost Accounting

What Does Cost Accounting Mean?
A type of accounting process that aims to capture a company's costs of production by assessing the input costs of each step of production as well as fixed costs such as depreciation of capital equipment. Cost accounting will first measure and record these costs individually, then compare input results to output or actual results to aid company management in measuring financial performance.  

L E A R N I N G O B J E C T I V E S of Cost Accounting..
After completing this chapter, you should be able to answer the following questions:
1.How do financial and management accounting relate to each other?
2.How does cost accounting relate to financial and management accounting?
3.What is the role of a code of ethics in guiding the behaviors of an organization’s global workforce?
4.What factors have influenced the globalization of businesses and why have these factors been significant?
5.What are the primary factors and constraints that influence an organization’s strategy and why are these factors important?
6.How does an organization’s competitive environment impact its strategy and how might an organization respond to competition?
7.How does the accounting function impact an organization’s ability to successfully achieve its strategic goals and objectives?
8.Why is a company segment’s mission affected by product life cycle?
9.What is the value chain and why is it important in managing a business?
Book: Cost Accounting (Download)

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