Cost Accounting

eloisacarom
Mind Map by eloisacarom, updated more than 1 year ago
eloisacarom
Created by eloisacarom almost 5 years ago
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Cost Accounting
1 Define: Is a process of collecting
1.1 analyzing
1.1.1 summarizing
1.1.1.1 and evaluating
1.1.1.1.1 various alternative courses of action
2 The goal Its: to advise
2.1 the management on the most appropriate course of action
2.1.1 based on the cost efficiency and capabiity
3 Cost accounting provides
3.1 the detailed cost information
3.1.1 that management needs to control current operations and plan for the future
4 Since managers are making decisions only for their own organization
4.1 there is no need for the information to be comparable
4.1.1 to similar information from other organizations
5 Cost accounting information
5.1 Is commonly used in finacial accounting information
5.1.1 but is primary function is for use by managers to facilitate making decision
6 ORIGINS
6.1 All types of business, require cost accounting to track their activities
6.1.1 Cost accounting has long been used to help managers understand the costs of running a business.
6.1.1.1 Modern cost accounting originated during the industrial revolution, when the complexities of running a large scale business led to the development of systems for recording and tracking costs to help business owners and managers make decisions.
6.2 In the early industrial age, most of the costs incurred by a business were what modern accountants call "variable costs".
6.2.1 because the varied directly with the amount of production.
6.2.1.1 Managers could simply total the variable costs for a product and use this as rough guide for decision-making processes
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