Cost Accounting

Feb 3rd, 2012
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University of South Alabama
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Write a 700- to 1,000-word paper identifying the specific cost accounting system an organization utilizes and how it uses the accounting information for financial management. Your paper must include the following: • Descriptions of the cost accounting system used in the organization • Pros and cons of this cost accounting system • Descriptions of how the organization uses the accounting information for financial management improvement recommendations for your organization’s accounting system • Include at least five references • At least two of the five references must be (peer-reviewed)references

Word Count: 911
Showing Page: 1/5
Introduction:Cost accounting system is one of the most important functions of any business. Not only is accounting a good indicator of the health of the company overall, but it also holds an important role in managing business growth. Whether growth is attributable to a larger market capitalization, and increase employee, a new location, a new product or service offering, or a new demographic, finance is the enabler of such opportunities. It is very much essential for a Healthcare organization to follow evaluation of cost accounting implementation to bring more revolution in the business practice. Financial statements record the complete transactions that are happening in the company for a particular financial year. However it is needed for the organization to evaluate the current financial statement to establish the comparison with previous year statement which can act as boosting factor for the next year. Apart from that financial statement evaluation could help the company authority to identify any kind of fraud activities in the business practice.Types of Cost Accounting used in the Organization:A business cannot survive without the consideration of accounting system, particularly if that business is publicly traded and reliant on the evaluation of creditors and investors. Accounting system must include combination of both internal and external guidelines which will ensure that a business is away from generating inaccurate financial reports or misrepresenting their fin

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