The focus of this module has been on the relationship between cost accounting and other forms of accounting, as well as on guidelines that we should follow in order to be successful in supporting a business and in making good decisions.
Consider the following questions related to cost accounting and in a Word document, provide at least a 2-paragraph response to each one. Be sure to proofread your work prior to submitting.
• What are the main ways that financial accounting differs from managerial accounting?
• What are the main business functions that exist within the value chain?
• Why is the supply chain concept so important to cost accounting?
• Describe the five-step decision making process and how you would use it in cost measurement and accounting?
• What types of information does cost accounting typically provide?