The importance of cost accounting to the performance and success of any level of management in both problem identification and problem solving is emphasized throughout the Sixth Edition. The processing and reporting of a firm's historical and projected microeconomicdata assist management in developing new potentials, improving present opportunities, establishing more aggressive yet flexible control of operations, and enhancing the management process through objective evaluation of the feedback data. Modern cost accounting is rightly termed a tool of management, with emphasis on management. The connecting link between the originating planning function and the terminating control function is the cost accounting information system that permits effective communication, continuous feedback, responsibility accounting, and managerial flexibility. The control function deals with management's task of organizing and marshaling natural forces, human behavior, and material objects into a coordinated unit in order to attain the desired results. The planning function is essentially a decision-making process dealing with the establishment of a desired profit the preparation and availability of materials, labor force, and plant and equipment for the anticipated volume and the creation of a communication system that permits reporting and controlling actual results against predetermined plans. Management's efforts to achieve company objectives rest upon the twin functions of planning and control. ISBN: 0-X Library of Congress Catalog Card Number: 74-84264ġ2345678K32 109876 Printed in the United States of America Tem, or otherwise, without the prior written permission of the publisher. Means, electronic or mechanical, including photocopying, recording, storage in BRIGHTON, ENGLANDīy South-Western Publishing Co. Regents Professor of Accounting College of Business Administration The Wharton School University of Pennsylvania
#Cost accounting matz usry 7th edition manual professional#
Of points during your professional career.ĪDOLPH MATZ, PhD Professor Emeritus of Accounting
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