By Paul M. Collier
Accounting for Managers explains how accounting info is utilized by non-financial managers. The ebook emphasizes the translation, instead of the development, of accounting details and encourages a serious, instead of unthinking recognition, of the underlying assumptions in the back of accounting. It hyperlinks thought with useful examples and case experiences drawn from genuine lifestyles company occasions in carrier, retail and production industries.
Paul M. Collier applies a managerial method of convey the right way to: comprehend the connection among technique, company occasions and fiscal info. Use accounting details in making plans, decision-making and regulate. establish the innovations that underlie the development of accounting studies and the restrictions of accounting numbers. The booklet has been written for MBA and different postgraduate scholars, undergraduate scholars who're venture classes in accounting that don't bring about specialist accreditation, and non-financial managers who want a higher knowing of the position of accounting of their corporations.
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Extra resources for Accounting For Managers - Interpreting Accounting Information For Decision-making
Activity-based management is an approach that emphasizes the underlying business processes that are required to produce goods and services and the need to identify the drivers or causes of those activities in order to be able to budget for and control costs more effectively. Activity-based approaches are introduced throughout Part II. Strategic management accounting, which is described more fully in Chapter 4, is an attempt to shift the perceptions of accountants and non-ﬁnancial managers from an inward-looking to an outward-looking one, recognizing the need to look beyond the business along the value chain to its suppliers and customers and to seek ways of achieving and maintaining competitive advantage.
When this last practice was disclosed, it was a signiﬁcant cause of the difﬁculties faced by WorldCom. Monetary measurement Despite the importance of market, human, technological and environmental factors, accounting records transactions and reports information in ﬁnancial terms. This provides a limited though important perspective on business performance. The criticism of accounting numbers is that they are lagging indicators of performance. In Chapter 4 we consider non-ﬁnancial measures of performance that are more likely to present leading indicators of performance.
These SBUs are, in accounting, termed responsibility centres. Responsibility centres, through their managers, are held responsible for achieving certain standards of performance (this is covered in more detail in Chapter 13). There are three types of responsibility centres: ž ž ž cost centres, which are responsible for controlling costs; proﬁt centres, which are responsible for achieving proﬁt targets; and investment centres, which are responsible for achieving an adequate return on the capital invested in the division.