Explore BrainMass

Organization cost accounting systems

This content was STOLEN from BrainMass.com - View the original, and get the already-completed solution here!

Identify the specific cost accounting system any organization utilizes and how it uses the accounting information for financial management. Include the following:

-Descriptions of the cost accounting system used in your organization
-Pros and cons of this cost accounting system
-Descriptions of how your organization uses the accounting information for financial management improvement recommendations for your organization's accounting system
-Include at least five peer-reviewed references

© BrainMass Inc. brainmass.com October 25, 2018, 7:53 am ad1c9bdddf

Solution Preview


Hope you are doing well.

Cost accounting systems are key database frameworks that promote accountability towards effectively managing daily business activities. In doing so, the business organization can sufficiently review reports as well as send out detailed reports on cost analysis that impacts internal department's proficiency.

Let's take a look at the several areas associated with cost accounting systems:

-Descriptions of the cost accounting system used in your organization

Most companies in a variety of business industries utilize a variety of cost accounting systems that promote a more structural process - to accounting for overall business costs. Thus, the chosen cost accounting system can impose required features and requirements by either certain employees that are for every employee. In doing so, the business organization cost accounting system utilizes either an internal customer database - that is for cost accounting management or a vendor or outside third-party proprietary license. Some examples of a vendor or other third party software can relate towards QuickBooks or Peachtree, in which, the usage of either software can be tailored to the core business needs for cost management.

Keep in mind that the main function of a cost accounting system entails the managing of expenditures on a given moment for managers. Within a daily assessment to how companies are currently performing, the management team struggles to apply imperative strategic decisions. The cost accounting system provides a data analysis that is collected by either certain authorized personnel within the business organization or everyone within departments. Data collected are using the costing accounting system to reflect how each department or business initiative strategies ...

Solution Summary

The analysis in organization cost for promoting a systematc framework that utilizes accounting methods to achieve finanical goals.

See Also This Related BrainMass Solution

Toyota Inc. Accounting - Proposal and project completion

The purpose of the Final Project is to apply the concepts and techniques of the module to the analysis of real-world situations or problems. Students are expected to use diverse sources of information and to carry out an original analysis rather than summaries or rehash existing work. Students are encouraged to use situations and data from their own experience where possible.

Your task for is to prepare and hand in a Project Proposal for Toyota Corp. that includes the nature of the project, the sources of information you plan to use, and the most important concepts and techniques to be applied.

Then, after creating the proposal, complete the project.

You are required to complete a course project that reveals mastery in application of the management accounting and finance concepts emphasized in the course. This involves reporting on Toyota Inc and the management accounting and finance practices that affect the value of the chosen firm or industry. This project should be a formal business report that provides both specific processes and strategies involving budgeting, costing, capital decision making, capital acquisition, and cost of capital structure of the chosen firm. These processes and strategies are to be supported with management accounting concepts.

Your tasks are to:
1. Assess the budgeting process and procedures for the organization with regards to preparation techniques, uses for evaluation, differences between business units/divisions, etc.
2. Analyze how the organization collects, stores, and prepares management accounting information, particularly the use of a management accounting system (MAS) and how information is disseminated throughout the organization.
3. Evaluate the costing process and procedures of the organization with respect to method or approach utilized.
4. Assess the capital decision making process within the organization with regards to what methods are utilized, how such methods are chosen, how projects are selected and managed, and what measures are employed to evaluate performance.
5. Evaluate the criteria or mechanisms used by the organization for deciding how best to acquire capital and analyze the capital structure of the company.
Your Final Project should follow the given outline:
1. Brief description of company
2. Description of firm's budgeting process
3. Management accounting information system
4. Costing process
5. Capital decisions
6. Capital acquisition and structure
7. Conclusion

Your Final Project should also include a section on how and where you obtained the information sources as well as the methodology used to perform any analysis. This project should follow a structured approach and should be prepared and presented as a professional business report.

View Full Posting Details