By Paul M. Collier
Accounting for Managers explains how accounting details is utilized by non-financial managers. The booklet emphasizes the translation, instead of the development, of accounting info and encourages a serious, instead of unthinking popularity, of the underlying assumptions at the back of accounting. It hyperlinks conception with functional examples and case reviews drawn from actual existence company occasions in provider, retail and production industries.
Paul M. Collier applies a managerial method of exhibit find out how to:
- Understand the connection among method, company occasions and monetary details.
- Use accounting details in making plans, decision-making and regulate.
- Identify the suggestions that underlie the development of accounting reviews and the restrictions of accounting numbers.
The ebook has been written for MBA and different postgraduate scholars, undergraduate scholars who're venture classes in accounting that don't bring about expert accreditation, and non-financial managers who want a larger knowing of the function of accounting of their companies.
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Additional resources for Accounting for Managers: Interpreting Accounting Information for Decision-Making
Management accounting comprises a set of tools and techniques to support planning, decisionmaking and control in business organizations. Accounting is – or at least should be – integrated with business strategy. However, these same accounting tools and techniques can be used to help evaluate the performance of customers, suppliers and competitors in order to improve competitive advantage. This is called strategic management accounting, which is described in Chapter 4. Accounting should also extend beyond a narrow concern with ﬁnancial measurement and encompass non-ﬁnancial performance measurement, a subject of steadily increasing importance for those managers who are responsible for achieving performance targets, as well as for accountants (performance measurement is also described in Chapter 4).
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.
This is a limitation of accounting as a tool of business decision-making. Each transaction is recorded on a source document that forms the basis for recording in a business’s accounting system. Examples of source documents are invoices and cheques. The accounting system, typically computer based (except for very small businesses), comprises a set of accounts that summarize the transactions that have been recorded on source documents and entered into the accounting 26 ACCOUNTING FOR MANAGERS system.
Accounting for Managers: Interpreting Accounting Information for Decision-Making by Paul M. Collier