Management Accounting and Controlling at Universität Hamburg

Flashcards and summaries for Management Accounting and Controlling at the Universität Hamburg

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Study with flashcards and summaries for the course Management Accounting and Controlling at the Universität Hamburg

Exemplary flashcards for Management Accounting and Controlling at the Universität Hamburg on StudySmarter:

Cost allocating:

Exemplary flashcards for Management Accounting and Controlling at the Universität Hamburg on StudySmarter:

Cost tracing

Exemplary flashcards for Management Accounting and Controlling at the Universität Hamburg on StudySmarter:

Cost assignment

Exemplary flashcards for Management Accounting and Controlling at the Universität Hamburg on StudySmarter:

Cost accumulation

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Cost objective

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Cost

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Customer Focus

Exemplary flashcards for Management Accounting and Controlling at the Universität Hamburg on StudySmarter:

Continuous Improvement

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Success Factors

Exemplary flashcards for Management Accounting and Controlling at the Universität Hamburg on StudySmarter:

3 functions of management accounting

Exemplary flashcards for Management Accounting and Controlling at the Universität Hamburg on StudySmarter:

Feedback

Exemplary flashcards for Management Accounting and Controlling at the Universität Hamburg on StudySmarter:

Performance Report

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Exemplary flashcards for Management Accounting and Controlling at the Universität Hamburg on StudySmarter:

Management Accounting and Controlling

Cost allocating:

accumulated costs to a cost objective – assigning of indirect costs to the

particular cost object

Management Accounting and Controlling

Cost tracing

accumulated costs to a cost objective – assignment of direct costs to a

particular cost objective

Management Accounting and Controlling

Cost assignment

Cost tracing and cost allocation

Management Accounting and Controlling

Cost accumulation

is the collection of cost data in some organized way by means of an

accounting system

Management Accounting and Controlling

Cost objective

is anything for which a separate measurement of costs is desired.

E.g. Product, service, business unit, employee etc.

Management Accounting and Controlling

Cost

is a resource sacrificed or foregone to achieve a specific objective, usually

measured as the monetary amount that must be paid to acquire goods and services.

Management Accounting and Controlling

Customer Focus

The challenge facing managers is to continue investing sufficient

resources in customer satisfaction such that profitable customers are attracted and

retained

Management Accounting and Controlling

Continuous Improvement

Continuous improvement by competitors creates a never-

ending search for higher levels of performance within many organisations.

Management Accounting and Controlling

Success Factors

operational factors that directly affect the economic viability of the

organization

o Time: organisations are under pressure to complete activities faster and meet

promised delivery dates more reliably.

o Quality: Customers are expecting higher levels of quality

o Cost: Organisations are under continuous pressure to reduce costs.

o Innovation: There is now heightened recognition that a continuing flow of new or

improved products or services is a prerequisite to the ongoing success of most

organisations.

Management Accounting and Controlling

3 functions of management accounting

o Scorekeeping – accumulate data and report reliable results to all levels of

management

o Attention Directing – help managers properly focus their attention (not just cost-

reduction opportunities)

o Problem solving – comparative analysis for decision making

Management Accounting and Controlling

Feedback

involves managers examining past performance and systematically exploring

alternative ways to make better informed decisions in the future.

Management Accounting and Controlling

Performance Report

a report that compares the actual results with the budgeted results.

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