tailieunhanh - Lecture Accounting: What the numbers mean (5/e) - Chapter 13: Cost accounting and reporting systems
After reading this chapter, you should be able to answer the following questions: What is the role of cost accounting as it relates to financial and managerial accounting? How does cost management play a strategic role in the organization’s value chain? What is the difference between direct and indirect costs, and how do they relate to a product or activity?. | CHAPTER 13 COST ACCOUNTING AND REPORTING SYSTEMS McGraw-Hill/Irwin ©The McGraw-Hill Companies, Inc., 2002 Learning Objectives What is the role of cost accounting as it relates to financial and managerial accounting? How does cost management play a strategic role in the organization’s value chain? What is the difference between direct and indirect costs, and how do they relate to a product or activity? McGraw-Hill/Irwin ©The McGraw-Hill Companies, Inc., 2002 Learning Objectives What is the difference between product costs and period costs, and what are the three components of product cost? What is the general operation of a product costing system, and how do costs flow through the inventory accounts to cost of goods sold? How are predetermined overhead application rates developed and used? McGraw-Hill/Irwin ©The McGraw-Hill Companies, Inc., 2002 Learning Objectives What is the presentation and interpretation of a statement of cost of goods manufactured? What is the difference between absorption and direct (or variable) costing? What are activity based costing and activity based management? McGraw-Hill/Irwin ©The McGraw-Hill Companies, Inc., 2002 Learning Objective 1 What is the role of cost accounting as it relates to financial and managerial accounting? McGraw-Hill/Irwin ©The McGraw-Hill Companies, Inc., 2002 Cost Accounting Cost accounting is a subset of managerial accounting Deals primarily with the accumulation and determination of product, process, or service costs The primary purpose is income measurement and inventory valuation in accordance with generally accepted accounting principles for external financial reporting McGraw-Hill/Irwin ©The McGraw-Hill Companies, Inc., 2002 Uses of Costing Systems Need accurate costing information for: Pricing decisions Evaluating productivity and efficiency Developing operating budgets Determining which product parts will be manufactured internally Analyzing production technology Appraising performance McGraw-Hill/Irwin . | CHAPTER 13 COST ACCOUNTING AND REPORTING SYSTEMS McGraw-Hill/Irwin ©The McGraw-Hill Companies, Inc., 2002 Learning Objectives What is the role of cost accounting as it relates to financial and managerial accounting? How does cost management play a strategic role in the organization’s value chain? What is the difference between direct and indirect costs, and how do they relate to a product or activity? McGraw-Hill/Irwin ©The McGraw-Hill Companies, Inc., 2002 Learning Objectives What is the difference between product costs and period costs, and what are the three components of product cost? What is the general operation of a product costing system, and how do costs flow through the inventory accounts to cost of goods sold? How are predetermined overhead application rates developed and used? McGraw-Hill/Irwin ©The McGraw-Hill Companies, Inc., 2002 Learning Objectives What is the presentation and interpretation of a statement of cost of goods manufactured? What is the difference between .
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