Cost Accounting and Accounting Integration

This week’s topics

Cost Accounting and Accounting Integration

1. Role of cost accounting in operations
2. Distinction and relationship between cost and management accounting
3. Coordinating cost, management, and financial accounting
4. Information flows for executive decision-making
5. Accounting and Costs
6. Good Cost Accounting
7. Introduction to Management Accounting

What you will be able to do

• 1.3 Explain the function of cost accounting in business accounting.
• 1.4 Explain the relationship between cost accounting and management accounting.
• 1.5 Explain how cost accounting, management account and financial accounting are coordinated to aid effective decision-making in business.

Activity

Start with this week’s 3 videos, then: Seminar, guided reading and a short written task: explain the function of cost accounting in business accounting.

Study materials

Videos

• Accounting and Costs · YouTube · Galton College · 21 min · for registered students
• Good Cost Accounting · YouTube · Galton College · 17 min · for registered students
• Introduction to Management Accounting · YouTube · Galton College · 46 min · for registered students

Further resources

• Principles of Accounting, Volume 2: Managerial Accounting, ch. 1: Accounting as a Tool for Managers · PDF · OpenStax, textbook chapter; pp. 23–76 · for registered students
• Managerial Accounting, ch. 1: What Is Managerial Accounting? · PDF · Saylor Academy, textbook chapter; pp. 4–74 · for registered students
• Principles of Accounting, Volume 1: Financial Accounting, ch. 1: Role of Accounting in Society · PDF · OpenStax, textbook chapter; pp. 25–66 · for registered students