By Paul M. Collier
This revised and up-to-date 5th version of Accounting for Managers builds at the foreign luck of the former variants in explaining how accounting is utilized by non-financial managers.
Emphasizing the translation instead of the development of accounting info, Accounting for Managers encourages a serious, instead of an unthinking recognition of accounting techniques. while immensely invaluable for making plans, decision-making and regulate, clients of accounting details have to realize the assumptions in the back of, and the restrictions of specific accounting techniques. As within the past versions, the ebook hyperlinks idea with sensible examples and case reviews drawn from genuine company occasions throughout a variety of production, retail and repair industries.
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Extra info for Accounting for Managers. Interpreting Accounting Information for Decision-Making
This is a difﬁcult question, and the problematic nature of calculating costs may have been the source of the comment by Clark (1923) that there were ‘different costs for different purposes’. This, then, is our third limitation of accounting: what do we mean by cost and how do we calculate it?
This theme was developed by one of the earliest texts on management accounting (Vatter, 1950). Vatter distinguished the information needs of managers from those of external shareholders and emphasized that it was preferable to get less precise data to managers quickly than complete information too late to inﬂuence decision-making. Johnson and Kaplan (1987) commented that even today, organizations with access to far more computational power . . rarely distinguish between information needed promptly for managerial control and information provided periodically for summary ﬁnancial statements.
4 Functional organization chart produces, reports and analyses accounting information on behalf of its (internal) customer departments. The functional structure may be suitable for smaller organizations with a narrow geographic spread and a limited product/service range, but it is not generally suitable for larger organizations. The divisional structure is based on a head ofﬁce with corporate specialists supporting the chief executive, with divisions established for major elements of the business.