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Management accounting is an applied discipline used in various industries. The specific functions and principles followed can vary based on the industry. Management accounting principles in banking are specialized but do have some common fundamental concepts used whether the industry is manufacturing-based or service-oriented.
Management accounting principles (MAP) were developed to serve the core needs of internal management to improve decision support objectives, internal business processes, resource application, customer value, and capacity utilization needed to achieve corporate goals in an optimal manner.
Cost Accounting Standards (popularly known as CAS) are a set of 19 standards and rules promulgated by the United States Government for use in determining costs on negotiated procurements. CAS differs from the Federal Acquisition Regulation (FAR) in that FAR applies to substantially all contractors, whereas CAS applied primarily to the larger ones.
An important part of standard cost accounting is a variance analysis, which breaks down the variation between actual cost and standard costs into various components (volume variation, material cost variation, labor cost variation, etc.) so managers can understand why costs were different from what was planned and take appropriate action to ...
Management control as an interdisciplinary subject. A management control system (MCS) is a system which gathers and uses information to evaluate the performance of different organizational resources like human, physical, financial and also the organization as a whole in light of the organizational strategies pursued.
About the relation of cost accounting and general accounting Nicholson (1920) proceeded: Cost accounting, as a science, is a branch of general accounting. Its province is to analyze and record the cost of the various items of material, labor and indirect expense incurred in the operation of a factory, and to so compile these elements as to show ...
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The tasks and functions of controlling may be transferred to management accounting in supply chains, supplemented by a cross-company approach. However, the past-oriented aspects of the traditional concept are inappropriate. Due to the strategic importance of supply-chain management, forward-looking control requirements must be taken into account.