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ch01 ppt Hansen6e - COST MANAGEMENT Accounting Control...

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COST MANAGEMENT 1 Accounting & Control Hansen▪Mowen▪Guan Chapter 1 Introduction to Cost Management
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2 Study Objectives 1. Describe a cost management system, its objectives, and its major systems. 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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3 Accounting Information System
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4 Accounting Information System Financial accounting system follows established rules and conventions to provide information (financial statements) to external users such as investors, government agencies, and banks. Cost management system identifies, collects, measures, classifies, and reports information that is useful to managers in costing (determining what something costs), planning, controlling, and decision making.
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5 Subsystems of the Accounting Information System
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6 Cost Management System Cost accounting system assigns costs to individual products and services and other cost objects as specified by management; satisfies financial reporting and management decision-making needs Operational control system provides accurate and timely feedback concerning performance; concerned with what activities should be performed and assessing those activities.
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7 Factors Affecting Cost Management Global Competition Vastly improved transportation and communication systems have led to a global market for many manufacturing and service firms.
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