Impact of Cost Accounting

Above all, it identifies specific strategies that the firm should focus on and define allocation of responsibilities. Ideally, key functional areas should be broken down into different segments such as marketing, administration, human resources, and technology. However, determination of resource allocation depends mostly on the size of the firm. Presumably, larger firms such as the big four can set systems and procedures in all areas while small to medium sized firms handle certain areas they presume most valuable. In addition to well-functioning structure, accounting firms can achieve long term success by maintaining a blend of people and skills. A well-balanced team will usually have a mixture of qualified accountants, bookkeepers, and administrative support. Similarly, management capability to retain and motivate employees is crucial to a firm’s success. In order to attract and lead the appropriate people, creating the right tone is an important element in corporate governance and critical to effective

According to Epstein and Buhovac, (2014), costing system is a process designed to monitor the costs incurred in a certain business. Costing systems are meant to advise the management on how to choose the most appropriate course of action with cost efficiency and capability. According to Cardinaels and Labro (2009) costing system provides detailed cost information needed by management needs to control current operations with the aim of improving the future. Below are some of the costing systems that are common to many organizations (Epstein & Buhovac, 2014).

16. The existence of both economies of scale and diseconomies of scale would have what effect on the LRAC curve?

Based on this, how should management and leadership be addressed for each type of business?

Pricing is a relevant issue in procurement at all levels. Individuals purchasing the commodities of an organization should receive clarity on pricing. There is confusion in this

3. Analyze the best price setting process used to establish sustainable and profitable prices for the

An accounting system affords companies the luxury to be able to use their financial information whenever they need it, by it being store at a convenient location. There are three divisions within the accounting method; analysis, design, and implementation must be complemented with a system of control. This control is another system within a system that is design to ensure success of the accounting systems. Internal controls keeps business safe, preventing someone from committing fraud or abusing the system; this way the information that is store in the system is kept accurate and reliable. Part of internal controls is who are responsible; physical, mechanical, and electronic controls; there must also be segregation of duties, and independent internal confirmation.

price changes, whether they be increasing or decreasing, do not change demand ­ they change the

Cost accounting is a type of accounting process that aims to capture a company's costs of production by assessing the input costs of each step of production as well as fixed costs such as depreciation of capital equipment. Cost accounting will first measure and record these costs individually, then compare input results to output or actual results to aid company management in measuring financial performance (Cost Accounting, n.d.).

Accounting transactions are professional occasion that has either a positive or negative budgetary impact on the financial statements. One impact of transactions in a financial statement will increase or decrease the accounts contingent on the transaction that has taken place. The history of revenue that has come or gone from the business will be shown on both financial statements and accounting transactions. Many businesses make several transactions daily. Errors can have a negative impact on financial statements, because the facts come from the accounting transactions

Would factory security and assembly activities be best classified at an appliance manufacturing plant as unit-level, batch-level, product-level, or organization-sustaining?

The board of directors of the Cortez Beach Yacht Club (CBYC) is developing plans to acquire more equipment for lessons and rentals and to expand club facilities. The board plans to purchase about $50,000 of new equipment each year and wants to begin a fund to purchase a $600,000 piece of property for club expansion.

Cost Accounting: Its role and ethical considerations Introduction: Accounting is the process of identifying, measuring, and communicating economic information about an entity for the purpose of making decisions and informed judgements. The major areas of within the accounting are: Financial Accounting, Managerial Accounting/Cost Accounting and Auditing- Public Accounting Managerial accounting is concerned with the use of economic and financial information to plan and control the activities of an entity and to support the management in planning and decision-making process. Cost accounting is the subset of managerial accounting and it helps management in determination and accumulation of product, process or service cost.

Accounting is the language of business. It is a profession that is being guided by principles, concepts, conventions, laws, etc. All these fundamental building blocks serve as common and general compasses to all practitioners of the profession. In some cases, they are nation-wide tailored, while in other cases, they are universally tailored. Accounting as a living, practical, dynamic and realistic profession covers so many areas of social, economic (business), and governmental activities. Surely, any endeavour that involves monetary and material activities create a room for the services of Accounting. Many of the human endeavours for which the accounting profession plays significant (some times inevitable) roles include; Banking, Insurance, Manufacturing, Farming Contracting, Oil and Gas, Mining, Transportation (Air, Land and Sea), Educational Institutions, Churches, Ministries, ICT, Hire Purchase, Local Government Authorities, Estate Businesses, Export and Import Businesses, Bill of Exchange Transactions, Royalties Transactions, Consignment Transactions, Stock Market Transactions, Sports, Entertainment, Hospitals and Hospitality Industry, etc.

Erin should notify Smart Worx of the postponement as it is consistent with ethical principles of integrity and professional competence. As Erin is complying with these codes of ethics, she has nothing to lose or suffer as she followed the guidelines of the code and therefore cannot be