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Managerial accounting

mangerial accounting
Kurs

Introduction to Financial Accounting (70606)

3 Dokumente
Studierenden haben 3 Dokumente in diesem Kurs geteilt
Akademisches Jahr: 2022/2023
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Humboldt-Universität zu Berlin

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Text Vorschau

Managerial accounting

1. Introducing accounting

 Distinction financial and managerial accounting

Accounting:

process of identifying, measuring, recording and communicating economic transactions

Financial accounting:

classifying measuring, recording and communicating economic transactions of an entity in

accordance with established principles, legal requirements and accounting standards.

Primarily concerned with communicating a true and fair view of the financial performance and

financial position of an entity to external parties at the end of accounting period

Managerial accounting:

Branch of accounting concerned with collecting and analyzing financial and other quantitative

information.

Primarily concerned with communicating information to management to help effective performance

measurement, planning, controlling and decision making

Tax accounting

To Who:

Internal Recipients external recipients

Employees government

Management suppliers

customers

creditors(banks)

shareholders lenders

(owners) tax authorities

local communities

labor unions

auditors

transactions recorded by accountants:

buying materials, paying wages/salaries/taxes/rent, maintenance, use of machinery, selling products..

Accountants five principles: Integrity, Objectivity, Professional Competence and Due Care, Confidentiality, Professional Behavior

  1. Need for cost information

Cost= expenditure on goods and services required to carry out the operations of an organization  In order to manufacture/market own products + services, a company needs: Consumption of: internal services (work performed by own employees) External services (work performed by marketing agency) Goods (raw materials) Usage of goods(machinery) Expenditure: ausgabe, money spend on goods and services Payment: auszahlung, money actually leaves the company (cash/bank) Costs: expenditures needed for manufacturing/marketing (not donations) - In financial acc expenses genannt-synonym

Need for cost information in these situations: cost cutting, investment decision, pricing, profitability

Perspectives on cost:

Time: actual/planned costs Cost behavior: fixed /variable costs Cost tracing: direct /indirect cost

Actual/planned cost: Actual: (past) registered when incurred -> when average actual cost of several past periods are calculated, called: normali(zed) cost Planned: (future) result of bugeting process for a future period (typically 1 year)-> when planned cost are used as benchmarks that they shall be achieved, called: standard costs

Cost types: Material cost: raw materials, purchased components, office supplies, electricity... Labor costs: wages, salaries.. Depreciation (loss in value): of assets: machinery, buildings.. Services. Provided by third parties: consulting, insurance, transportation Cost of capital: interest payments to banks for loans etc. Taxes and fees to public institutions  In profit and loss statements costs can be reported by cost types  In product calculations and profit & loss statements, costs can be reported as: cost of business functions; they are the main functional areas of companies: - Research & development (R&D) - Production(purchasing, inbound logistics, operations) - Distribution(outbound logistics, marketing, sales, customer service) - General Administration - >> most cost types can occur in every business function (e. labour costs)

Cost units (kostenträger)

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Managerial accounting

Kurs: Introduction to Financial Accounting (70606)

3 Dokumente
Studierenden haben 3 Dokumente in diesem Kurs geteilt

Universität: Humboldt-Universität zu Berlin

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Managerial accounting
1. Introducing accounting
Distinction financial and managerial accounting
Accounting:
process of identifying, measuring, recording and communicating economic transactions
Financial accounting:
classifying measuring, recording and communicating economic transactions of an entity in
accordance with established principles, legal requirements and accounting standards.
Primarily concerned with communicating a true and fair view of the financial performance and
financial position of an entity to external parties at the end of accounting period
Managerial accounting:
Branch of accounting concerned with collecting and analyzing financial and other quantitative
information.
Primarily concerned with communicating information to management to help effective performance
measurement, planning, controlling and decision making
Tax accounting
To Who:
Internal Recipients external recipients
Employees government
Management suppliers
customers
creditors(banks)
shareholders lenders
(owners) tax authorities
local communities
labor unions
auditors
transactions recorded by accountants:
buying materials, paying wages/salaries/taxes/rent, maintenance, use of machinery, selling products..

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