THE COSTS
FINANCIAL INFORMATION

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  • Financial Information
  • Accounting Systems
  • Introduction to Cost Accounting
  • Cost definition
  • Use of Costs
  • Classification of Costs
  • Inventory Valuation
  • Costs Behavior
  • Cost Accounting Systems
  • Standard Costs and Variances
  • Cost-Volume-Profit Analysis
  • Break-Even Point
  • Target Profit
  • Budgeting
  • Master Budget
  • Activity Based Costing (ABC)
  • Transfer Prices
  • Accounting Profession & Ethics
  • Accounting Equation
  • Financial Statements
  • Financial Statement Reporting
  • Accounts, Debits & Credits
  • The Journal
  • The General Ledger
  • The Trial Balance
  • "T" Accounts
  • Income Measurement

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    DEFINITION:

    It is the set of data which is used to determine the heritage or the outcome of the operation of any business.

    .

               CLIENTS (USERS) OF THE FINANCIAL INFORMATION AND THEIR NEEDS
     

    CLIENT (USER)
    NEEDS
    QUALITY CRITERIA
    IRS
    Having a base to raise money for the upkeep of public expenditure. Check whether the amounts received are correct.
    IRS procedures and norms
    Administrator
    - Define alternatives
    - Planning
    - Costing
    - Controlling
    - Evaluate
    - Etc.
    The information must be tailored to match the needs.
    Shareholders and other funding sources
    - Evaluate the administration quality
    - Payment capacity
    - Profitability
    - Potential to generate cash
    - Etc.
    GAAP

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