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Cornerstones of Cost Accounting 1st Edition by Don Hansen,Maryanne Mowen
Edition 1ISBN: 978-0538736787Cornerstones of Cost Accounting 1st Edition by Don Hansen,Maryanne Mowen
Edition 1ISBN: 978-0538736787 Exercise 2
What are the two parts to the CMA examination? What do they indicate about cost and management accounting versus financial accounting?
Explanation
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List the four parts of CMA examination:
1. Management accounting and reporting
2. Business applications
3. Strategic management
4. Business analysis
CMA defines the following differences between cost and management and financial accounting:
Cost and management accounting is more of internal rather than external and involves in day to day operations of the organization. Financial management is like analyzing the past performance and providing the reports to the outsiders.
Cost and management accounting information is something which is generated on a regular basis whereas financial accounting is produced on periodical basis. Cost and management accounting uses more estimates and few facts compared to financial management.
Cost and management accounting is basically provides information on operational efficiency of an organization whereas financial accounting uses past data or gathers company financial information in order to prepare balance sheet, income statement and cash flows etc.
1. Management accounting and reporting
2. Business applications
3. Strategic management
4. Business analysis
CMA defines the following differences between cost and management and financial accounting:
Cost and management accounting is more of internal rather than external and involves in day to day operations of the organization. Financial management is like analyzing the past performance and providing the reports to the outsiders.
Cost and management accounting information is something which is generated on a regular basis whereas financial accounting is produced on periodical basis. Cost and management accounting uses more estimates and few facts compared to financial management.
Cost and management accounting is basically provides information on operational efficiency of an organization whereas financial accounting uses past data or gathers company financial information in order to prepare balance sheet, income statement and cash flows etc.
Cornerstones of Cost Accounting 1st Edition by Don Hansen,Maryanne Mowen
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