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This 7-page paper discusses and compares various costing approaches for financial reporting. Bibliography lists 6 sources.
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7 pages (~225 words per page)
File: AS43_MTappracct.rtf
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DECISION-MAKING AND ACCOUNTING/COSTING APPROACHES Research Compiled by 7/2010 Please Introduction
At one time, accounting was considered little more than numbers-crunching to ensure that an organization wasnt spending more than it was bringing in.
During the past handful of decades, however, accounting has been viewed as a strategic tool to help management make decisions regarding future allocation of resources (as well as whether or
not the current allocation decisions are operating efficiently). To help manage the data necessary for the right type of financial reporting, accountants these
days have a variety of costing tool at their disposal. There is, of course, the traditional method of costing, which takes into account labor and production hours and spreads them
across all the departments of a given company. There are also marginal (or variable) costing, full (absorption) costing and activity based costing. Well examine each of these and identify managerial
decision-making systems in which each of these approaches might be the best tool for use. Marginal Costing/Variable Costing In a marginal costing, or
variable costing, system, variable costs during a particular period are charged to cost units, while fixed costs during that same period are written off in full against an aggregate contribution
(Business Definition for: Marginal Costing). Basically, only variable overhead and costs are assigned to a particular product. Marginal costing helps recognize cost behavior,
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