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Summary: Accounting
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Read the summary and the most important questions on accounting
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1 introduction to management accounting
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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
- Accounting
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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
- Move from protected markets to highly competitive markets
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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
- Cost allocation for inventory and valuation and profit measurements
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Goals of Financial accounting systems:
Cost allocation forinventory valuation and profitmeasurement - true and fair view on
financial position that is uniform and consistent decision making ofexternal stakeholders
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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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