Purchase Solution

Relevance of Cost Accounting

Not what you're looking for?

Ask Custom Question

Discuss the relevance of cost accounting as it relates to the accounting profession in general. Relate to something you learned while working toward your accounting profession.

Purchase this Solution
Solution Summary

This solution discusses the relevance of cost accounting. Cost accounting is a separate department in many larger companies, and we look at the role cost accountants play, in this capacity. We also look at the role of cost accounting in the accounting profession, in general.

Solution Preview

Cost accounting is based on the premise that cost information is relevant to management. Cost accountants extract and use data from all areas of the company that incur costs, and they compile this information into a relevant format for management. The data is analyzed, and cost accountants, together ...

Purchase this Solution
Free BrainMass Quizzes
Operations Management

This quiz tests a student's knowledge about Operations Management

IPOs

This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)

Income Streams

In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.

SWOT

This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.

Organizational Leadership Quiz

This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.

View More Free Quizzes
Related BrainMass Solutions

  • FASB Statements

    FASB Statement of Concepts No. 2 indicates several qualitative characteristics of useful accounting information.

  • Relevance of accounting in the business environment

    538884 Relevance of accounting in the business environment Think about some of the topics that were covered in Intermediate Accounting, such as depreciation and amortization, inventory accounting, and elements of financial statements.

  • How do accounting, tax and legal factors affect an M&A strategy?

    Relevance of accounting effects in Merge & Acquisition Strategy Accounting is an important factor that has relevance in pursuing merger & acquisition strategy.

  • Efficient market, relevance, measurement of accounting information

    Economic Consequences of Accounting Standards ? Relevance and Reliability of Accounting Information (SFAC No. 2) ?

  • Concept and theory

    Recognition of asset impairment is an accounting mandate that is alleged to improve the relevance and reliability of financial information. Recognition of asset impairment improves the relevance and reliability of financial information.

  • Events on Wall Street and Decision Makers

    By this time managerial accounting was considered the same as cost accounting. However, with the development of service industry and rapid growth of financial institutions, managerial accounting meant much more than just cost accounting.

  • Cost management and healthcare in the US

    NOTE: The emphasis of the paper should be on application of accounting concepts. Please see the attachment.

  • Will Technology Reduce Costs Enough to Affect GAAP Principles?

    As technology reduces the cost of generating information, the stress of the current GAAP on materiality and conservatism makes it out of sync with SFAC 2. Accounting Theory is discussed very comprehensively in this explanation.

  • Explain ways accounting data is used for business decisions

    Your tutorial is 363 words and discusses budgeting, product cost, and attributes of financial statements (reliability, relevance, historical cost). The discussion shows how the three attributes of financial statements are related.

View More Related Solutions