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The following outline is provided as an overview of and topical guide to accounting: . Accounting – measurement, statement or provision of assurance about financial information primarily used by managers, investors, tax authorities and other decision makers to make resource allocation decisions within companies, organizations, and public agencies.
In the late 1980s, accounting practitioners and educators were heavily criticized on the grounds that management accounting practices (and, even more so, the curriculum taught to accounting students) had changed little over the preceding 60 years, despite radical changes in the business environment. In 1993, the Accounting Education Change ...
Management Accounting theory developed and was embedded in his cost allocation discussion; Clark stressed the need to consider causes and their effects. He was also the first to delineate operational cost concepts from decision cost concepts having introduced the concept of avoidability. [8]
The subject is concerned with "the allocation and deployment of economic resources, both spatially and across time, in an uncertain environment". [ 3 ] [ 4 ] It therefore centers on decision making under uncertainty in the context of the financial markets, and the resultant economic and financial models and principles, and is concerned with ...
As business management learned to identify the constraints, they increasingly adopted throughput accounting to manage them and "maximize the throughput dollars" (or other currency) from each unit of constrained resource. Throughput accounting aims to make the best use of scarce resources (bottleneck) in a JIT (Just in time) environment. [7]
Some important elements that accounting standards cover include identifying the exact entity which is reporting, discussing any "going concern" questions, specifying monetary units, and reporting time frames. [1] In the public sector, 30% of 165 governments surveyed used accrual accounting, rather than cash accounting, in 2020. [2]
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Financial accounting reports the results and position of business to government, creditors, investors, and external parties. Cost Accounting is an internal reporting system for an organisation's own management for decision making.