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Summary Accounting

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A snapshot of the summary - accounting

  • 1 introduction to management accounting

    This is a preview. There are 2 more flashcards available for chapter 1
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  • What can be described as businesses as the unit of analysis?
    Business economics
  • What is also called managerial economics or sometimes applied microeconomics
    Business economics
  • Business economics doesn't exist without:
    • Accounting 
    • behavioral sciences 
    • methodological tools
  • The process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information
    Accounting
  • Changing business environments influences information needs:
    • Move from protected markets to highly competitive markets 
    • declining product life cycles 
    • growth in service industry 
    • advances in technology 
    • environmental issues
  • Users: internal 
    legal requirements: optional
    focus: individual parts 
    accounting principles: management needs 
    time: history and future 
    frequency: regular and ad hoc 
    detail: high 
    Management accounting
  • Users: external 
    legal requirements: statutory requirements
    focus: whole business 
    accounting principles: GAAP
    time: history
    frequency: regular  
    detail: low
    Financial accounting
  • Goals of management accounting:
    • Cost allocation for inventory and valuation and profit measurements 
    • relevant information for decision makers 
    • information for planning, control and performance management
  • Goals of Financial accounting systems:
    • Cost allocation for inventory valuation and profit measurement
    • true and fair view on financial position that is uniform and consistent
    • decision making of external stakeholders
  • 2 introduction to cost terms and concepts

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  • Sacrifices of assets which are unavoidable, measurable and foreseeable
    Costs

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The following topics are covered in this summary