Features of the management accounting information system
What are the various features of the management accounting information system?
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The various features of management accounting information system are as follows:
a) Recognizing and capturing the relevant information.b) Recording the information collected in a methodical method.c) Analyzing and interpreting the collected information collected.d) Reporting the information in a way which suits the requirements of individual managers.
Cost Accounting: The Cost accounting is an approach to evaluate the overall costs which are related with conducting business. It is generally based on standard accounting practices, cost accounting is one of the tools which managers u
Direct Cost: The cost of resources directly used by an activity. The direct costs are assigned to actions by direct drawing of units of resources used by individual actions. A cost which is particularly recognized with a single cost o
Indirect Cost: A cost which can’t be recognized particularly with or traced to a specified cost object in an economically feasible manner.
Cost Finding: Cost finding methods generate cost data by analytical or sampling techniques. Cost finding methods are suitable for certain type of costs, like indirect costs, items with costs underneath set thresholds in the programs,
Standard Costing: A costing technique which joins costs to cost objects based on reasonable approximations or cost studies and by the means of budgeted rates instead of according to actual costs incurred. The predictable cost of gener
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Differential Cost: The cost difference predicted when one course of action is adopted rather than others.
Explain Management accounting as an information system in brief?
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