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Cost Management Concepts & Strategy - Coggle Diagram
Cost Management Concepts & Strategy
management accounting
provide accurate internal financial reporting
employs cost management information
non-financial info
financial info
Information is processed in 5 Stages:
A business event occurs
Accountants collect data regarding event
data is transformed to information
Cost Management Information is combined w general information about strategy and environment to produce
knowledge
Cost management information is used for INTERNAL use
Knowledge used to make decisions
4 FUNCTIONS OF MANAGEMENT
Strategic Management
Planning and Decision Making
Management and Operational Control
Preparation of Financial Statements
Types of Organisations
Merchandising Firms
Manufacturing Firms
Service Firms