Regions of decision making process
What are the possible broad regions of decision making process where management accounting information is required?
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The possible broad regions of decision making process where management accounting information is required are as follows:
a) Developing objectives and plans.b) Performance evaluation and control.c) Allocating resources.d) Determining costs and gains.
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Cost Assignment: A procedure which identifies costs with activities, outputs, or another cost objects. In a wide sense, costs can be assigned to activities, processes, products, organizational divisions, and services. There are three
Outcome: The outcomes of a program activity as compared to its intended aims. Program outcomes might be computed in terms of service or product quality and quantity, customer satisfaction, and usefulness.
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Common Data Source: All of the programmatic and financial information available for the cost, budgetary, and financial accounting processes. This comprises all financial and much non-financial data, like environmental data, which are
describe how costs can be classified giving examples in each classification. explain how the different cost classifications can assist management in decision making
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Full Cost: The sum of all costs needed by a cost object comprising the costs of activities executed by other entities in spite of of funding sources.
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