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Home portfolios Managerial Accounting: An Accounting Business Study of La Baguette Sandwich Shop

Managerial Accounting: An Accounting Business Study of La Baguette Sandwich Shop

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Area of Expertise:

  • Accounting & finance
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  • Managerial Accounting - I.docx Download

Description

Abstract

Management Accounting is that part of accounting that provides special-purpose statements and reports to management and other persons inside the organization.  Information generated by management accounting is therefore for internal uses and is not guided by any standards or legal requirements. Unlike financial accounting, management accounting is proactive, in that it is future-oriented and as such used in making decisions that affect the organization. Since this form of accounting is concerned with looking in to the future so that its output is employed by management and or organizations decision makers, it generally involves two main components: i.e. keeping records of cost and generating reports from processed data. The process of keeping records of cost components is referred to as cost accounting whereas the process of generating reports is referred to as management/ managerial accounting.  This paper looks in to the some of the various components of managerial accounting through the process of conducting a small business study on a sandwich Shop and generating it budget reports.

Keywords: managerial accounting, cost accounting, budgets, decision making