Big4WallStreet Finance Blog — cost
accounting break even analysis budgeting controlling cost decision making finance management accounting planning
1. Intro to Management Accounting a. Definition “Management accounting is a system which analyses historical, actual and forecast data to provide managers the information for decision making.” b. The management accounting department The department provides management information for: Planning: budget for the year, budget updates during the year, long term plan beyond the year. Controlling: how do the revenues and costs compare with the budgeted ones and those of the previous periods. What are the variances? What are the reasons for the variances? Decision Making: profitability assessment, buildup of selling prices, product costs comparisons (inventory, manufacturing, labor etc..), make...