Summary: Accounting

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Read the summary and the most important questions on 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

  • 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: optionalfocus: individual parts accounting principles: management needs time: history and future frequency: regular and ad hoc detail: high 

    Management accounting
  • Users: external legal requirements: statutory requirementsfocus: whole business accounting principles: GAAPtime: historyfrequency: 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

    This is a preview. There are 16 more flashcards available for chapter 2
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  • Sacrifices of assets which are unavoidable, measurable and foreseeable


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