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Management Acctg.

CHAPTER 28 – MANAGEMENT ACCOUNTING SYSTEM DESIGN



TYPES OF ACCOUNTING INFORMATION

1. FINANCIAL ACCOUNTING INFORMATION

• prepared in accordance with generally accepted accounting principles (GAAP) and reported to shareholders and other interested outside parties.
• it is built around the single basic equation Assets=Liabilities+Owners’ Equity.

2. MANAGEMENT ACCOUNTING INFORMATION

• has three principal purposes, each of which requires a different cost construct.

THREE PURPOSES OF MANAGEMENT ACCOUNTING:


1. MEASUREMENT

• Cost is a measurement, in monetary terms, of the amount of resources used for some purpose, called a cost object.
• The system collects the full cost of cost objects. The full cost of a cost object is the sum of its direct costs and a fair share of applicable indirect costs.
• The most pervasive cost objects in the company are the goods and services it produces and sells, and companies operate cost accounting systems......


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Approximate Word Count: 1128
Approximate Pages: 5 (250 words per double-spaced page)

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