Managerial and cost accounting as contrasted with financial accounting , produce data

preliminary for management decision making.

Management needs data for :

a. Planning and controlling day to day operations (use of standard cost to evaluate
production efficiency).
b. Long range planning and decision making (use of capital budgeting techniques in making
decisions concern investments projects)
c. Another concern to is to determine inventory cost for financial reporting purposes.

Basic cost accounting terminology:

1. Planning and Control:

2. Management by exception
3. Strategic cost analysis

Costs of goods Manufactured :

4. Product costs:
5. Period cost:
6. Prime cost :
7. Direct cost:
8. Indirect cost:
9. Direct materials:
10. Direct manufactory labor :
11. Manufactory overhead:
12. Conversion cost:
13. Cost assignment:
14. Direct material inventory:
15. Work in process inventory:
16. Finished goods inventory:
17. Cycle time :
18. Product life-cycle costing:
19. Cost of quality:
a-prevention cost:
b-appraisal cost:
c-External failure cost:

Costing system

1.Job order costing:

2. Activity based costing:

a. A cost driver:

b. Non-value added cost:

c. A value added cost:

d. A value chain:

e. Engineering cost:

3. Activity based Management:

4. Cost management system:

 A.
Basic cost accounting terminology.

Costing System

1. Cost of Goods Manufactured (C.G.M).

2. Cost Flow.
3. Accounting for overhead.
4. Disposition of Under-Over applied overhead.
5. Service departments cost allocation( Direct method-Step Method).
6. Spoilage in process costing.

Activity based Management (Joint products-By products).

B.
planning, Control, Analysis

1. Analyzing cost behavior.

2. Cost volume profit.
3. Variable (Direct) and Absorption (FULL) Costing.
4. Budgeting.
5. Flexible budget.
6. Responsibility accounting.
7. Segment reporting and controllability.
8. Performance analysis.
9. Product and service pricing.
10. Transfer pricing.
11. Inventory models.