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A chart of accounts (COA) is a list of financial accounts and reference numbers, grouped into categories, such as assets, liabilities, equity, revenue and expenses, and used for recording transactions in the organization's general ledger. Accounts may be associated with an identifier (account number) and a caption or header and are coded by ...
Management accounting principles (MAP) were developed to serve the core needs of internal management to improve decision support objectives, internal business processes, resource application, customer value, and capacity utilization needed to achieve corporate goals in an optimal manner.
The CGMA Competency Framework was also launched in 2014. The framework shows the range of technical, accounting and finance skills that management accountants need to do their jobs and consists of four knowledge areas: Technical Skills, Business Skills, People Skills and Leadership Skills, all underpinned by Ethics, Integrity and Professionalism.
Management accounting is an applied discipline used in various industries. The specific functions and principles followed can vary based on the industry. Management accounting principles in banking are specialized but do have some common fundamental concepts used whether the industry is manufacturing-based or service-oriented.
Chart of accounts – list of the accounts used by a business entity to define each class of items for which money or the equivalent is spent or received. Constant item purchasing power accounting – consistent method of indexing accounts by means of a general index which reflects changes in the purchasing power of money.
All existing accounting standards documents are superseded as described in FASB Statement No. 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles. All other accounting literature not included in the Codification is non-authoritative.
Business process mapping refers to activities involved in defining what a business entity does, who is responsible, to what standard a business process should be completed, and how the success of a business process can be determined. The main purpose behind business process mapping is to assist organizations in becoming more effective.
Focused improvement – in Theory of Constraints is the ensemble of activities aimed at elevating the performance of any system, especially a business system, with respect to its goal by eliminating its constraints one by one and by not working on non-constraints. Fordism – named after Henry Ford, refers to various social theories. It has ...