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    cost accounting by raiborn chapter 1

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    cost accounting by raiborn chapter 1

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    Download as pdf
    27 views17 pages

    Cost Accounting ch1

    Uploaded by

    eunice
    cost accounting by raiborn chapter 1

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    Download as pdf
    of 17
    } L. Introduction to Cost Accounting LEARNING OBJECTIVES ‘After completing this chapter, you should be able to answer the following questions: what are the relationships among nancial, AEB Whats a value chain, and what are the major value management, nd cost accounting? chain functions? GBA What are the sources of authoritative {GB How isa balanced scorecard used to implement an pronouncements for the practice of cost ® organization's strategy? accountng? SBBPWhat ore the sources of ethical standards for cost (GB What is a misiion Statement, and why is it important ‘accountants? ‘to organizational strategy? SEB Mry is ethical behavior so important in What must accountants understand about en organizations? ‘organization's structure and! business environment to perform effectively in that organization? J What are the relationships ‘among financial, management, and cost, accounting? Chapter 1 Introduction to Cost Accounting INTRODUCTION Re coca se ron reer com ee ete ee ee ee ee a ‘goals. Such knowledge is important to anyone who wants to become a Certified Public Se an ee pare ee a eae aa gel hoger penelope Site canons ans ee ees aaa eee —aeeeente COMPARISON OF FINANCIAL, MANAGEMENT, AND COST ACCOUNTING Accounting is called the language of business. As such, accounting can be viewed as having different “dialects.” The financial accounting “dialect” is often characterized as the primary focus of accounting. Financial accounting is concentrated on the preparation and provision Cf financial statements: the balance sheet, income statement, cash flow statement, and state- ment of changes in stockholders’ equity. Financial accounting information is typically his- torical, quantitative, monetary, and verifiable. Such information usually reflects activities of the whole organization. “The second “dialect” of accounting is that of management and cost accounting. Management accounting is concerned with providing information to parties inside an tion so that they can plan, control operations, make decisions, and evaluate per- determination and use of ly concerned wit

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