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The Managerial Accounting process in General Electric Inc. - Term Paper Example
Author : kennethkunze
Finance & Accounting
Pages 13 (3263 words)
The managerial accounting process in general electric inc. Name of the Student: Name of the University: Date: Table of Contents Section I 3 Section II 4 General Electric 4 Section III 7 Activity based costing 7 Section IV 9 Standard Cost 9 Standard Costing 9 Establishments of Standard cost 10 Benefits of Standard Costing in General Electric 11 Section V 13 Benefits of Relevant cost 13 Section VI 14 Conclusion 14 Section I Managerial accounting practices have undergone a drastic change over the last few decades…
Managerial accounting process provides financial as well as non-financial information to the managers and other internal decision makers of an organization. In other words, it ensures effective planning and controlling of operations thereby supporting the decision making process. Planning of operations primarily involves the budgeting process. It is associated with the cost of producing a unit of product. Thereafter, the actual performance of the firm is compared along with the budgeted amounts and controlling occurs in those sectors where the difference seems to be significant (CSN, 2011). Simultaneously, along with the development of managerial accounting principles the traditional accounting system also witnessed a rapid development. However, there are good numbers of firms which are still following the traditional accounting system. But with the increasing global competition and evolution of technologies, production oriented operations are becoming more and more complex. ...
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