Week 1

1. What type of information does management accounting provide?
2. What is the main purpose of cost accounting?

What type of information does management accounting provide? (student's response)

• budgeting and financial planning
• Decision-Making Support
• financial information to manager
• information planning
• Risk management
• Financial information to make a decision and improve performance
• Cost Control
• Operational report
• Performance measurement
• Forecasting?
• strategic planning
• business operations
• operating activities , KPI reporting
• Profitability analysis
• Internal Reporting
• financial and non financial information

Both financial and non-financial information to assist managers in decision-making.

What is the main purpose of cost accounting? (student's response)

• Pricing decisions
• helps organization evaluate the costs
• optimizing resource use
• improve profitability
• to provide detailed cost information that helps management control current operations and plan for the future
• Systematically record
• Inventory Valuation
• Minimize Production Costs
• reduce the chance of going over budget
• informs pricing decisions to ensure profitability
• Identify and manage costs to enhance efficiency and profitability.
• identify all variable and fixed costs
• determine cost of goods manufactured
• To identify all variable and fixed costs in production process
• performance evaluation
• Budgeting and planning
• to helps organizations evaluate the costs associated with manufacturing a product or providing a service

To analyze, interpret, and summarize cost data to assist in solving management problems.