product cost.pdf - Payables Management within the company...

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Unformatted text preview: Payables Management within the company, such as for individual products, product lines, Payroll Management geographical areas, customers, or subsidiaries. Public Company Accounting • Product costs. Cost accounting compiles the cost of raw materials, Real Estate Accounting work-in-process, and finished goods inventory, while financial accounting incorporates this information into its financial reports Finance Bestsellers Business Ratios Guidebook (primarily into the balance sheet). • Regulatory framework. The structure of financial accounting reports are Corporate Cash Management Corporate Finance tightly governed by either generally accepted accounting principles or Cost Management international financial reporting standards. There is no regulatory Enterprise Risk Management Financial Analysis framework governing cost accounting reports. Interpretation of Financials • Report content. A financial report contains an aggregation of the Investor Relations Guidebook MBA Guidebook financial information recorded through the accounting system. The Mergers & Acquisitions information in a cost accounting report can contain both financial information and operational information. The operational information can come from a variety of sources that are not under the direct control of the accounting department. Treasurer's Guidebook Operations Bestsellers Constraint Management • Report timing. Financial accounting personnel issue reports only at the end of a reporting period. Cost accounting staff may issue reports at any time and with any degree of frequency, depending upon Human Resources Guidebook Inventory Management New Manager Guidebook Project Management management's need for the information. Purchasing Guidebook • Time horizon. Financial accounting is only concerned with reporting the results of reporting periods that have already been completed. Cost accounting does this too, but also can be involved in a variety of Send us your e-mail address to receive monthly course discounts * projections for future periods. In brief, the key differences between cost and financial accounting are that cost accounting is inwardly focused on management decisions, while SUBMIT financial accounting is focused on issuing financial statements to outside parties. Related Courses Accountants’ Guidebook Cost Accounting Fundamentals Steven Bragg Cost Accounting 85 Likes Share ...
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