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Thursday, February 17, 2011

Cost and Management Accounting

WHAT IS COST AND MANAGEMENT ACCOUNTING?
Cost Accounting is the process of tracking, recording and analyzing costs associated with the products or activities of an organization. Managers use cost accounting to support decision making to reduce a company's costs and improve its profitability. Management Accounting is focused on designing and evaluating business processes, budgeting and forecasting, implementing and monitoring internal controls, and analyzing, synthesizing, and aggregating information—to help drive economic value. The role of Management Accounting differs from that of financial accounting, since management accountants work at the ―beginning‖ of the value chain, supporting decision making, planning and control, while audit and tax functions involve checking the work after the fact.
Author: Colin Drury
Book: Cost and Management Accounting (Download)

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