Munira Begmuratova Lecturer at Westminster International University in Tashkent.

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Presentation transcript:

Munira Begmuratova Lecturer at Westminster International University in Tashkent

Lecture 1. Cost and Financial Management

During the first semester we will cover Cost management and during the second semester we will focus on Financial management Introduction

Books Primary sources: Horngren C. T., Datar S. M., Foster G. (14th ed.) Cost Accounting, Pearson Education. Atkinson, A., Banker, R., Kaplan, R.,Young, S. M. (2000 3rd ed.) Management Accounting, Pearson Education. Arnold, J. & Turley, S. (1996 3rd ed.) Accounting for Management Decisions, Prentice Hall. ACCA papers on Management accounting by Kaplan Publishing Introduction

Lectures Schedule What do we mean by accounting What do we mean by cost accounting Cost Accounting vs Financial Accounting Examples of management accounting Lecture Outline

Lecture Schedule

Accounting?

The systematic recording, reporting, and analysis of financial transactions of a business Communicates financial information to those who make decisions and control the implementation of those decisions What is Accounting?

10 Branches of Accounting Financial Accounting Managerial Accounting Auditing Tax Accounting

What is Cost Accounting? (a.k.a. Management Accounting)

Management Accounting Provides information that supports strategic and operating management decisions A Control tool that provides information to management about performance of the organization Provides both financial as well as non financial information

What has been the actual cost or producing a product What has been the actual revenue of the product Management Accounting

Operational Control to provide feedback about efficiency and quality of performance Product and customer costing to measure costs of resources to produce, deliver and sell product or service. Management control to provide information about performance of managers Strategic Control to provide information about long term competitive performance, market trends and techno innovations Management Accounting

Examples of supporting operating decision making What should be the price of the product How many units should be produced Management Accounting

Examples of supporting strategic decision making Building a new factory Setting operations in a new country Marketability of a new product Management Accounting

Spot the difference MA vs. FA?

MAFA Main usersManagers at different levelsOutside parties PurposeHelp managers make decisions Communicate financial position FocusFuture orientedPast oriented Rules of Measurement & Reporting Internal measures and reports Limited by GAAP Time span & Type of Reports VariesAnnual & Quarterly financial reports Behavioural implications Designed to influence the behaviour of managers & other employees Reports economic events but also influences behavior MA vs. FA?

Reading material READ: Chapter 1 – Cost Accounting by Hongren, Datar & Foster Chapter 1 & 2- Management Accounting by Atkinson