ACC 357 Lecture Notes - Lecture 1: Decision-Making, Institute For Operations Research And The Management Sciences, Finished Good
Document Summary
Chapter 1: introduction to cost accounting and cost. Cost accounting is an expanded phase of general or informs management promptly with the cost of rendering a particular service, buying and selling a product and producing a product. It is the field of accounting that measures, records, and reports information about costs. (de leon) Involves classifying, summarizing the process of analyzing, recording, and interpreting the details of costs of materials, labor and factory overhead necessary to produce and sell the product. It includes the determination of the cost of every order, job, contract, process or unit as may be appropriate. It is considered as a subcost of management accounting and financial accounting. ( de. Use of accounting information for reporting to external parties, like investors and creditors. Based on historical (actual) transaction data. (de leon) Information may be historical, quantitative, monetary, and verifiable (supported by evidence) used by external parties for decision making purposes. (de jesus)
