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Activity-based costing was first clearly defined in 1987 by Robert S. Kaplan and W. Bruns as a chapter in their book Accounting and Management: A Field Study Perspective. [8] They initially focused on manufacturing industry where increasing technology and productivity improvements have reduced the relative proportion of the direct costs of ...
Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to understand.
A company can maintain one journal for all transactions, or keep several journals based on similar activity (e.g., sales, cash receipts, revenue, etc.), making transactions easier to summarize and reference later. For every debit journal entry recorded, there must be an equivalent credit journal entry to maintain a balanced accounting equation ...
Activity-based costing establishes relationships between overhead costs and activities so that costs can be more precisely allocated to products, services, or customer segments. Activity-based management focuses on managing activities to reduce costs and improve customer value. Kaplan and Cooper [1] divide ABM into operational and strategic:
Flexible use of activity-based drivers (only where needed) based on specific, and restrictive rules; Value chain integration [11] of management accounting into operational systems; Use of fundamental operations transactions as the primary source for financial and quantitative data (rather than the general ledger);
The standard was originally based on XML, but now additionally supports reports in JSON and CSV formats, as well as the original XML-based syntax. XBRL is also increasingly used in its Inline XBRL variant, which embeds XBRL tags into an HTML document. One common use of XBRL is the exchange of financial information, such as in a company's annual ...
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An accounting information system is generally a computer-based method for tracking accounting activity in conjunction with information technology resources. The resulting financial reports can be used internally by management or externally by other interested parties including investors , creditors and tax authorities.