Search results
Results From The WOW.Com Content Network
An important part of standard cost accounting is a variance analysis, which breaks down the variation between actual cost and standard costs into various components (volume variation, material cost variation, labor cost variation, etc.) so managers can understand why costs were different from what was planned and take appropriate action to ...
Management accounting focuses on the measurement, analysis and reporting of information for internal use by management to enhance business operations. [ 1 ] [ 6 ] The recording of financial transactions, so that summaries of the financials may be presented in financial reports, is known as bookkeeping , of which double-entry bookkeeping is the ...
Comparative Performance - Comparison between similar firms; Comparing financial ratios is merely one way of conducting financial analysis. Financial analysts can also use percentage analysis which involves reducing a series of figures as a percentage of some base amount. [1] For example, a group of items can be expressed as a percentage of net ...
The movement reached a tipping point during the 2005 Lean Accounting Summit in Dearborn, Michigan, United States. 320 individuals attended and discussed the advantages of a new approach to accounting in the lean enterprise. 520 individuals attended the 2nd annual conference in 2006 and it has varied between 250 and 600 attendees since that time.
The following outline is provided as an overview of and topical guide to accounting: . Accounting – measurement, statement or provision of assurance about financial information primarily used by managers, investors, tax authorities and other decision makers to make resource allocation decisions within companies, organizations, and public agencies.
Variance analysis can be carried out for both costs and revenues. Variance analysis is usually associated with explaining the difference (or variance) between actual costs and the standard costs allowed for the good output. For example, the difference in materials costs can be divided into a materials price variance and a materials usage variance.
In finance, valuation analysis is required for many reasons including tax assessment, wills and estates, divorce settlements, business analysis, and basic bookkeeping and accounting. Since the value of things fluctuates over time, valuations are as of a specific date like the end of the accounting quarter or year.
Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting used in any given jurisdiction. It includes the standards, conventions and rules that accountants follow in recording and summarizing and in the preparation of financial statements.