Cost-Chapter 1 Script-Rose.doc - CHAPTER 1 INTRODUCTION TO COST MANAGEMENT(Slide 3 The LEARNING OBJECTIVES for this course are as follows After studying

Cost-Chapter 1 Script-Rose.doc - CHAPTER 1 INTRODUCTION TO...

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CHAPTER 1 INTRODUCTION TO COST MANAGEMENT (Slide 3) The LEARNING OBJECTIVES for this course are as follows: After studying Chapter 1, students should be able to: 1.Describe cost management and explain how it differs from financial accounting. 2.Identify the current factors affecting cost management. 3.Describe how management accountants function within an organization. 4. Understand the importance of ethical behavior for management accountants. 5.Identify the three forms of certification available to internal accountants.
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The first subsystem is the Cost Accounting Information System/s which assigns costs to individual products and services. Cost accounting systems also assist in external financial reporting by valuing inventories and determining cost of sales. These assignments must conform to external rules. The second subsystem is the Operational Control Information System which provides accurate and timely feedback concerning performance. It also improves profit by increasing customer value.(Slide 7)Let’s switch gears now and discuss some of the FACTORS AFFECTING COST MANAGEMENT.
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