Resumen Capitulo 1: Three Major Source Documents Used In Job-Costing Systems Are (1) Job Cost Record Or Job Cost Sheet, A Document That Records And Accumulates All Costs Assigned To A Specific Job, Starting When Work

RESUMEN
Capítulo 1: Three major source documents used in job-costing systems are (1) job cost record or job cost sheet, a document that records and accumulates all costs assigned to a specific job, starting when work begins (2) materials requisition record, a document that contains information about the cost of direct materials used on a...

Financial Accounting, Managment Accounting and CostAccounting
Processing any economic transaction means collecting, categorizing summarizing and analyzing.
Example: Cost are collected by category, such as materials, labor and shipping.
These cost are then summarized to determine total cost by month, quarter or year. The results are analyzed to evaluate, say, how cost have changed relative to revenues from one period to the next.
Accountingsystems provide the information found in the income statement, the balance sheet, the statement of cash flow, and in performance reports such as the cost of serving customers or running and advertising compaign. These information is essential for manager to do their jobs.
Data base (data warehouse or infobarn) of small, detailed bits of information that can be used for multiple purposes. Thedatabase stores information in a way that allows different managers to access the information they need.
Enter prices resources planning (ERP) systems, single database that collect data and feed it into applications that support the company's business activities, such as purchasing, production, distribution and sales.
Financial accounting and management
Accounting have different goals.Financial accounting focuses on reporting to external parties such as investors, government agencies, banks and suppliers. It measures and records business transactions and provides financial statements that are based on generally accepted accounting principles (GAAP). The most important way that financial accounting information affects managers decisions and actions is through compensation, which isoften, in part based on numbers in financial statements.
Management accounting measures, analyzes, and reports financial and nonfinancial information that helps managers make decisions to fulfill the goals of an organization. Managers use management accounting information to develop, communicate, and implement strategy. They also use to coordinate product design, production and marketingdecisions and to evaluate performance. Management accounting information and reports do not have to follow set principle or rules. The key questions are always:
1. how will this information help managers to do their jobs better?
2. do the benefits of producing this information exceed the costs?
Cost accounting provide information for management accounting and financial accounting. Cost accountingmeasures, analyzes and reports financial and nonfinancial information relating to the costs of acquiring or using resources in an organization.
Cost management has no uniform definition, we use to describe the approaches and activities of managers to use resources to increase value to customers and to achieve organizational goals. Cost management decisions include decisions such as whether toenter new markets, implement new organizational processes, and change product designs. Information to accounting systems themselves are not cost managment. Cost managment has a broad focus and is not only about reduction in costs. Cost managment includes decision to incur additional costs for example to improve customer satisfaction and quality and to develop new products, with the goal ofenhancing revenues and profits.
Strategic Decisions and the managements accountant
Strategy describes how an organization will compete and the opportunities its managers should seek and pursue. Businesses follow one of two broad strategies:
1. follow a cost leaderships strategy. They have been profitable and have grown over the years on the basis of providing quality products or services...