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Reduced Budget Plan U2IP - Research Paper Example
Finance & Accounting
Pages 4 (1004 words)
REDUCED BUDGET PLAN Abstract The project deals the case of a community mental health agency wherein Dr. Stephanie White, the Chief Administrator of Uptown Clinic is concerned about the dilemma of coping with reduced budgets next year and into the foreseeable future but increasing demand for services…
Lean production philosophy has also been covered in the research paper. Comparison has been done between accounting principles in lean production with that of typical production. The project basically throws light on the cost perspectives in an organization. Managerial Accounting Vs Cost Accounting Managerial accounting encompasses cost accounting and covers a broader scope than cost accounting. Highlights on the differences between managerial accounting and cost accounting are enumerated below: Managerial accounting includes cost accounting as well as financial accounting whereas cost accounting includes cost information only for managerial use. Managerial accounting is carried out for decision-making whereas cost accounting is used for the purpose of ascertaining cost and cost control. Managerial accounting deals with qualitative as well as quantitative aspects whereas it deals with only quantitative aspects. Cost accounting involves working out cost per unit whereas managerial accounting includes further comparative analysis of figures and statements. Managerial accounting has a more future-oriented approach whereas cost accounting is historical in approach and makes projections based on historical data. Managerial accounting cannot be installed without a proper cost accounting system whereas cost accounting does not require management accounting for its installation. ...
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