Define both management and cost accounting

Reference no: EM133227755 , Length: Word Count: 2500 Words

Assignment - Financial Accounting Research Paper

TASK - Please choose one of the topics listed below to write your assignment on.

The starting point for your term paper will be the course book, the contents of which will serve as the basis for an in-depth examination of one of the following questions. You are expected to research and cite from sources corresponding to your chosen topic.

1.1 Task 1: Management Accounting 101

1. Financial Accounting vs. Management Accounting: Define both management and cost accounting and describe them in detail. Critically compare financial and management accounting and list advantages and disadvantages for both types of accounting.

2. The Importance of Management Accounting for Corporations: Describe the core elements of management accounting and highlight why management accounting is important for firms. Also describe the benefits of management accounting for corporations.

1.2 Task 2: Cost-Volume-Profit Analysis and Cost Allocation

1. Break-Even Analysis for Decision Making: Explain what a break-even analysis is and how it works. Also describe how a break-even analysis can be used to analyze costs and to calculate prices and critically examine whether it is a beneficial instrument for firms.

2. Methods of Cost Allocation: Define and briefly describe the different types of cost allocation. Also explain its purpose and describe its role in management accounting. Critically review the pros and cons of the different cost allocation methods.

1.3 Task 3: Budgets

1. Operating Budgets: Explain what operating budgets are and what they are used for. In this context also describe the budgeting process and name and explain different types of operating budgets.

2. Financial Budgets: Explain what financial budgets are and what they are used for. In this context also describe the budgeting process and name and explain different types of financial budgets.

3. Operating vs. Financial Budgets: Explain what operating and financial budgets are. Point out the differences and similarities between both types of budgets and describe whether they are connected in the budgeting process.

Reference no: EM133227755

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