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An Overview of Cost & Management Accounting
What gap does Cost & Management Accounting fill that Financial Accounting cannot?
Financial Accounting answers 'How did we perform?' Management Accounting answers 'What should we do next?'
Name three structural limitations of Financial Accounting for internal decision-making.
Aggregation (no product-level profit), Historical lens (post-facto), Cost-control blindness (expenses by nature, not function).
What is the primary difference between Cost Accounting and Cost Accountancy?
Cost Accounting = system of procedures; Cost Accountancy = the profession/discipline of cost accountants.
State the four CIMA-aligned objectives of Cost Accounting in sequence.
Record & classify → Determine cost per unit → Compare actual vs standard → Supply timely info for decisions.
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