COST ACCOUNTING / Cost accounting and control tutor LATEST UPDATE 2024 GRADED A+ HOW DOES MANAGEMENT ACCOUNTING DIFFER FROM FINANCIAL ACCOUNTING - ANS-OBJECTIVES, PRIMARY USERS, FOCUS AND EMPHASIS, RULES OF MANAGEMENT AND REPORTING, TYPES OF REPORTS AND LIFE SPAN, BEHAVIORAL IMPLICATIONS. Management accounting should not fit the straitjacket of financial accounting. explain and give and example. - ANSGAAP- MANAGEMENT ACCOUNTING ALLOWS MANAGERS TO CHARGE INTEREST ON OWNERS' CAPTIAL TO HELP EVALUATE THE PERFORMANCE OF A DIVISION, EVEN THOUGH SUCH A CHARGE IS NOT ALLOWED UNDER GAAP. IT INCLUDES ASSETS OR LIABILITIES DEVELOPED INTERNALLY AND NOT RECOGNIZED UNDER GAAP. ASSET OR LIABILITY MEASUREMENT RULES, SUCH AS PV OR RESALE PRICES. opportunity cost is another great example of how management accounting doesn't fit into the straight jacket of financial. EXPLAIN THE TERM SUPPLY CHAIN AND ITS IMPORTANCE TO COST MANAGEMENT - ANS-A VALUE CHAIN REFERS TO CERTAIN ACTIVITIES EXECUTED BY A FIRM TO ENRICH THE CUSTOMER'S EXPERIENCE WITH A PRODUCT OR A SERVICE. IN THE PROCESS, A FIRM TRIES TO ADD VALUE IN ITS INBOUND LOGISTICS, PRODUCTION, OUTBOUND LOGISTICS, MARKETING AND SALES, AND AFTER SALE SERVICE. SUPPLY CHAIN INOVLES THE MANAGEMENT OF THAT PART OF THE VALUE CHAIN THAT DEALS WITH STORAGE PRODUCTION AND DELIVERY OF A PRODUCT OR SERVICE TO ITS ULTIMATE USER. COVERS THE FLOW OF GOODS AND SERVICES FROM THE INITAL SOURCES OF GOOD OR SERVICES TO ITS DELIVERY TO CONSUMERS. COST MANAGEMENT INVOLVES THE COORDINATION OF ALL THE ACTIVities ACROSS THE SUPPLY CHAIN TO REDUCE THE COST AND INCREASE THE PRODUCTION. IT INVOLVES THE REMOVAL OF CERTAIN AVOIDABLE ACTIVES IN THE VALUE CAHIN THAT CAN RESULT IN COST MINIMIZATION. NAME THE FOUR AREAS IN WHICH STANDARDS OF ETHICAL CONDUCT EXIST FOR MANAGEMENT ACCOUNTS IN THE US. WHAT ORGANIZATIONS SET FORTH THESE STANDARDS - ANS-THE FOUR AREAS IN WHICH STANDARDS OF ETHICAL CONDUCT EXIST FOR MANAGEMENT ACCOUNTING: COMPETENCE
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