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    Rhea Mae Agbayani
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    © All Rights Reserved
    Download as PDF or read online from Scribd
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    10 views6 pages

    Chapter 1 Cost Accounting

    Uploaded by

    Rhea Mae Agbayani

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 6
    MGBAYAN!, RHER MAE G. esa r-4 ————— Chopter AL INTRODUCTION T0-COcT_ ACCOUNTING INTERNAL USERS. EXTERNAL USERS. ~Ancide. of the organization = dutside, of the enhty ~ Managers, Ownerc, Employets = creditors , Investors , Government 2 . 2 SERVICE. MERCHANDISING MPNUFACTURIN 6. *One which provides * buy and sell goods * buys raw. materials, Service to diets yor Ond merchandise, change its form, Ord @ ee +(x) Bookstore Stil has 0. Finished +(x.) Accounting Firm product Ex) same ung, REMINDER } fl types of business enities requires Financial, managerial, and coct accounting. But, In terms of cost accountng, manupactyring companies requires More Structured Coct accounting system. FINRNCIRL ACCOUNTING MANAGEMENT RCCOUNTING EXPLANATION OF THE VENN DIAGRAM © Financial accounhng And.tanagerial accouthng . are aipperent © Both uses Coct accountng that is why It become the intersection between. Hoem. © In Finandial_accounting, it Ures cost accounting informahbn +> prepare, Financial statements that will be precented te the externdl ucere - © Management accounting. uses Coct accountng data For Forecashing, planning, and making decisions por the company. FINANCIAL VS. MANAGEMENT ACCOUNTING FINANCIAL ACCOUNTING External. -.makec Financial MANAGEMENT RCCOUNTING Internal - plans and contro} user | decision {thr _organiadhion __ Subject the enhty as a whole; highly the cegmentsof an enhty; unamart ed very detatled Time focus Bichpet cal_percpechlue futur _cmphagic Information PHributtc | Preciston Timeliness \ Veriprabilrhy Relevance Measorement Mls Monetary terms fet : ar —jAs_peeded Monetary or Noomontiany Economic. Meacure, (peso, dollars) Phystcal meacure. Cuntts’) [Relationship Measure, (Ratios) GRAP. Mvch follow the GAAP and the.| Need not. to. ¢ollow....GReR... prescribed formats making tt] and. preccribed..cormat. makin + both. <-0rmal..and MERCHANDISING vc. MBNUFRCTURING IN TERMS OF CacT OF 600DS SOLD en ee a ee SFP ZURBAICASTION scl Cach + Purchases y fad Merchandise, Inventory, Beg Le Merdnandice —WPSPIA_— Coch oF Goods 4 Cn Oe Gogac Inventory ;End Avalabie.for Seid Sale eee ee eee ee ee ae ee ee Materials Inventory, Beg Sea. Add VASES = totat-fvallable por Wee 2. waterials ) Lecce Materials \nvent fe ae , ¥v direct total transpacthring i repres enke Lalor Cost the materials aH yt needed 4p fador' fake the Kane ‘Work In Prowecs = Cost of Goods Product ene a tronupacured e ot Works in Procees Hatched Sood = Cot 0 Inventory, End meses Beg tuk # goodc chil in iaished. Good Sold he procece An = tronup acturing Gu Fished Product ready For cale, USES OF COST Acces INFORMATIO | Procecs of determining Planning ~ a» mys sec Control. | J jechives Determining Prodvet Cost if . =the procss Strategtc tachcal Operaivens P ~ Helps to set a Plonnng Planning— —Aancing— oF Keeping i track oF an Salling price that wold — = Long- tera goalc ~Short-term goals ~ day to sane Pea . thr hs. be hgh enough to ver Ex. To become CPA Ex. TO pasced all day goals a; ee ee the produc and period my Subjects, hot ~nbjechives planning precees to achieve dre being met, cosh having below $5 short-term goals Meet the compenhpn grade, Ex. to submit all the activitiec aay Ket on time, participate 10 the marke’ enn Reheat ae ‘ Cla: ~ Deciding on the price ss OF the bid to be

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