methods -- absorption costing and marginal costing. Absorption costing is a system of cost accounting that seeks to accumulate the different costs associated with the production process, and portion these out to different products. So the costs would be broken out into direct materials, direct labor, variable overhead and fixed overhead, rather than the convention categories in financial accounting. Using absorption costing has a few benefits. First, it helps a company understand which products are genuinely profitable and which are not, because it accounts for the amount of time the company actually spends making the product. That gets factored into the way that… Continue Reading...
growth. Activity-based costing (ABC) was established and has been promoted as an approach of overcoming the systematic falsifications of traditional cost accounting and bringing significance back to managerial accounting. In particular, a traditional costing system reports the amount of money that is spent and by who, but its shortcomings lie in the fact that it does not report the cost of activities and processes (Mahal and Hossain, 2015). ABC systems attain product costs that are more precise in comparison to those reported through the use of multiple cost drivers to follow the costs of activities of a manufacturing procedure of the products that consume the resources utilized in those activities.… Continue Reading...
associated with accounting. These duties more often than not comprise of financial accounting, cost accounting, taxes, as well as data processing. It is imperative to note that accountants are liable for the development of financial reports and metrics, their proficiency and competencies aid managers in the assessment of previous performance and future direction of the company and accomplishing particular legal obligations like being compliant with SEC regulations and the Sarbanes-Oxley Act.
There is the financial manager or treasurer who is higher up the pecking order. This individual is usually concerned with the procurement, custody, and expenditure of finances. The responsibilities comprise of financial… Continue Reading...
specific skills and competencies, including those related to coordination, strategic planning, capital budgeting and cost accounting, marketing, advocacy, and interfacing with policymakers, community allies, and stakeholders.
The role of the senior manager is multifaceted and varied, and may shift on an almost daily or even hourly basis. At times, the senior manager will function as a visionary leader who devises strategies for planned organizational change. Other times, the senior manager embodies a transformational style of leadership to empower colleagues and subordinates, particularly in an institution with departmental divisions. The senior executive in an eldercare organization may also work with financial planning and accounting teams… Continue Reading...
hip replacements or cataract surgery, heart surgery, or for pregnancy and childbirth (Valence Health, n.d.). However, cost accounting can become complicated when ancillary services are needed or when complications arise. The bundled care model also does not meet long-term needs and does not cover preventative care. Yet some patients may prefer the bundled care option when they are generally healthy and prefer not to access the healthcare system throughout their lives. The Patient-Centered Medical Home model, on the other hand, does require active patient participation in healthcare.
The Patient-Centered Medical Home model shares… Continue Reading...
