Accounting 101: Bookkeeping for Small Business Made Simple. How Accountants manage their Analyst Role in Solving business problems. Identify risks and provide quality by Neel Gaines

Author:Neel Gaines [Gaines, Neel]
Language: eng
Format: azw3
Published: 2020-05-07T16:00:00+00:00

Chapter 6.

Cost and Management Accounting

Majority of accounting concepts and operations are all functions of financial accounting, which is what we have been discussing in length. However, there are two other subgroups of accounting which are cost and management accounting. Cost and management accounting are a vital aspect of accounting that are designed to help businesses develop and thrive in the best way possible. Usually, the management is concerned with this type of accounting since everything that emanates from managerial decision making, such as budgeting, all emanated from this accounting methodology. To really understand what cost management accounting is all about, there is a need to look at the different types of costs which are:

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