By Paul M. Collier
This revised and up-to-date 5th variation of Accounting for Managers builds at the overseas good fortune of the former variants in explaining how accounting is utilized by non-financial managers.
Emphasizing the translation instead of the development of accounting details, Accounting for Managers encourages a severe, instead of an unthinking popularity of accounting techniques. when immensely precious 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 prior variants, the e-book hyperlinks thought with useful examples and case stories drawn from genuine company events throughout quite a lot of production, retail and repair industries.
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Extra resources for Accounting for Managers. Interpreting Accounting Information for Decision-Making
And Berry, A. J. (1994). Case study research in management accounting and control. Management Accounting Research, 5, 45–65. Roberts, J. ) (1996). From discipline to dialogue: Individualizing and socializing forms of accountability. In R. Munro and J. Mouritsen (eds), Accountability: Power, Ethos and the Technologies of Managing, International Thomson Business Press. Stone, W. E. (1969). Antecedents of the accounting profession. The Accounting Review, April, 284–91. Vatter, W. J. (1950). Managerial Accounting.
Assets are equal to liabilities. Although shown separately, capital is a type of liability as it is owed by the business to its owners. The double-entry system records the proﬁt earned by the business as an addition to the owner’s investment in the business: assets = liabilities + capital This is called the accounting equation. However, a more common presentation of the Balance Sheet is in a vertical format, as follows: Assets: Equipment Inventory Debtors Bank 25,000 11,000 5,000 16,000 57,000 Less liabilities: Creditors 6,000 51,000 Capital: Owner’s original investment Plus proﬁt for period 50,000 1,000 51,000 The accounting equation can therefore be restated as: capital (£51,000) = assets (£57,000) − liabilities (£6,000) There are some important points to note about the above example: 1 The purchase of equipment of £25,000 has not affected proﬁt (although we will consider depreciation in Chapter 6).
However, these same accounting tools and techniques can be used to help evaluate the performance of customers, suppliers and competitors in order to improve competitive advantage. This is called strategic management accounting, which is described in Chapter 4. Accounting should also extend beyond a narrow concern with ﬁnancial measurement and encompass non-ﬁnancial performance measurement, a subject of steadily increasing importance for those managers who are responsible for achieving performance targets, as well as for accountants (performance measurement is also described in Chapter 4).