Principles of Accounting (BFT 106/3)

Management accounting relates to the use of financial and cost data for laying down new policies, preparing future plans and making management decisions for the efficient running of business and maximizing profits. It is used to evaluate the performance of the business as a whole and of various segments (departments) in relation to predetermined targets. It also helps in reviewing existing polices. Various institutions and authors have defined management Accounting. Management accounting system, unlike financial accounting system, provides information for management for decisionmaking purpose. The rules of management accounting are tailor-made developed by each organization on the basis of its needs; conditioned by cost-benefit considerations. For the success of management accounting system in an organization, it is essential that the top management and department-heads have full faith in planning and objective ~valuation of results and the chief of management accounting system possesses a broader outlook and knowledge; he is aware that he only recommends and not decides.

Recognizing the increasing importance of environmental issues, energy prices, material availability and efficiency and the difficulty of adequately managing these issues in traditional accounting systems, several companies all over the world have started implementing Environmental and Material Flow Cost Accounting (EMA and MFCA). "Environmental and Material Flow Costs Accounting" explains and updates the approach developed for the United Nations Department of Economic and Social Affairs (DSD/UNDESA) and the International Federation of Accountants (IFAC) and in addition includes experiences of several case studies and recent developments regarding EMA and MFCA in national statistics and ISO standardization.

Needles/Powers/Crosson delivers interactive pedagogy by illustrating accounting principles and real-world examples to encourage critical thinking. This revision is based on an understanding of the nature, culture, and motivations of today's students and on extensive feedback from instructors. These substantial changes meet the needs of students, who not only face a business world increasingly complicated by ethical issues, globalization, and technology, but who also have more demands on their time. To help them meet these challenges, this textbook shows students how business transactions, which are the result of business decisions, are recorded in a way to show their effects on the financial statements. Built on historically strong pedagogy, this edition demonstrates strengthened transaction analysis and its link to the accounting cycle. *Proven Presentation: Students learn from a trusted approach built on proper accounting principles and technical detail to ensure mastery of core accounting concepts. *Relevant Coverage: Chapter-opening Decision Points have been enhanced to expose students to the changing financial reporting environment and IFRS. *Critical Thinking Tools: New Stop & Think features help students develop the judgment skills they need in the modern business world. Needles/Powers/Crosson demonstrates accounting in motion!