Change Essay - 994 Words

Change Essay All change has consequences. In Abraham Lincoln’s Gettysburg address 1863, John F. Kennedy’s 1961 Inaugural Speech 1963 and â€Å"Forgotten Jelly† by Megan Jacobson a story from the perspective of an overweight girl who is blinded by her attitude from her friend’s battle with anorexia, both the positive and negative consequences of change are explored. The effects of change are demonstrated in many different ways, however, they all attempt to convey a central aspect of change; that all change has ramifications. As highlighted in Lincoln’s Gettysburg address, he conveys to the audience that they must put aside their differences and instead draw on the heritage that they share. His phrase â€Å"our fathers brought forth on this†¦show more content†¦This idea is underscored in the quote â€Å"All men are created equal†¦ those here gave their lives so that that nation may live.† Kennedy too notes that change has brought about m any great endeavours as well as the â€Å"power to abolish all forms of human poverty.† He does express concern over that fact that mankind â€Å"has the power to abolish all forms of human life.† And Jacobson reflects on how the persona is now able to realise that she is not the centre of the universe, she is now able to help her friend in her darkest hour and become a better person for it. â€Å"No-one noticed me†¦ I didn’t notice me.† This places in the spotlight the mental change she undertakes by employing repetition to highlight the fact. Change does not always come easily and can take time to accomplish. The complexity of change is emphasised by both Kennedy and Lincoln. Kennedy, whilst uniting his people behind him in a pledge for world peace explains that this change may not even happen in our lifetime. â€Å"This will not be finished in the first 100 days†¦ The first 1000 days†¦ Nor perhaps in our lifetime on the planet. But let us begin.† This draws his people in to him with the utilization of prepetition to illustrate the fact they can be world leaders. Lincoln conveys this message through the phrase â€Å"dedicated to the great task remaining before us† which employs high modality to illuminate that while they areShow MoreRelatedChange Essay1439 Words   |  6 PagesChange We dont continue on as we are. We change and are forever changing if we dont change we dont grow. If we dont grow, we arent really living Gail Sheehy, suggests that for change to work efficiently we must learn from what has happened in the past. Change can be a positive force, we have the power to change to create world peace, and on the other hand change can be negative. Having to change your lifestyle after being paralysed in a car accident. ImRead More Change Essay865 Words   |  4 Pages Change is something that is constantly occurring in our lives. Not a single moment goes by when everything in our lives will remain consistent. Indeed, it has become apparent to us that the only thing which in fact survives change, is change itself. Time and experience allows change to eventually reform and alter everything from the way it originally was. From ourselves physically, to those around us emotionally, to the way in which we perceive the entirety of the world everything it eventuallyRead MoreChanges in Life Essay562 Words   |  3 PagesIn my life, I have been exposed to a challenge called change. Change can occur in many different ways and is dealt with in many different ways. I have come to the awareness that change can be the deepest of all things. I always thought that change occurred when you moved to a state or when you lost someone real close to you. Those are a challenge to change, yes, but change doesn’t have to occur over a climactic incident. It can just appear overnight when your brain winds up when it’s time toRead MoreChanges In Fashion Essay1418 Words   |  6 PagesMany people care about fashion and how they look. As we can see lately, fashion has had a great change over the years. As the historical changes, fashion seems to show aspect changes in adapting to the new era. Even today, as years pass, fashion continues to change. Looking at fashion, even after many years had passed, people can see the different styles between today and life back then. Everyone cares about how they look and what kind of clothes they wear, it has always been an important part ofRead MoreThe Struggles of Change Essay875 Words   |  4 Pageshistory, there exists many occurrences of change. Some of these changes are positive while others are negative. Nevertheless, as each change occurs, it must undergo struggles to become accepted. One example of the struggles of change that is seen in today’s society is the ongoing fight for religious freedom. Another change that is currently facing obstacles is the fight to change policies that raise the question of equality. Lastly, another struggle for change is the conflict that is occurring in orderRead MoreEssay on Friendship and Ch ange957 Words   |  4 PagesPersonal Narrative- Friendship and Change Oh, I think I see her. Is it? Yes that’s her. Finally, after three long months my best friend, of 18 years, has finally returned to me. That’s actually the way I felt. Her and I have a strange relationship. I’ve always considered her mine and she pretty much owned me too. It had worked really well for the both us, until now. Running past me without even a second glimpse she jumped full force into the arms of her older brother. The three of us hadRead MoreEssay on Organizational Change875 Words   |  4 PagesOrganizational Change Change can be a difficult transition however in the world of business whether it is planned or unplanned one can expect change to happen. The definition of change is, â€Å"the coordination of a structured period of transition from situation A to situation B in order to achieve lasting change within an organization†. (BNET Business Dictionary) How the change is accepted and adapted to can be the difference of success or failure of an organization. There are different types of change andRead MoreThe Changes In Bamforth Essay1968 Words   |  8 PagesDiscuss The Changes In The Character Bamforth In the Malayan jungle in 1942 a british patrol is cut off from its base camp by the advancing Japanese. This hard hitting play explores what happpens when men have to confront the reality of war: can they kill another human being? It offers no easy answers but reveals the complex reactions of a group of ordinary soldiers under pressure. The character of Bamforth in the play The Long, The Short and The tall, by Willis Hall is a complex oneRead MoreCareer Change Essay4488 Words   |  18 Pagesdifferent stage in their career and life than people that is at age 25 or 45. A career change after age 40 can be a tricky situation. In this stage, people will decide whether to continue along the same track because it is comfortable familiar and secure or change into the other career since there is an opportunity to pursue new personal or professional goals. This stage is called as middle career years or mid-career change. According to OUM textbook, mid-career means re-appraise early career and earlyRead MoreProposing a Change Essay examples1235 Words   |  5 PagesFinding acceptance seems to be a vital factor in the world today. It has the power to motivate people to make major changes in the way they think, live, dress, and look. We see the most changes in beauty and fashion because American media influences people to be more like â€Å"perfect† stereotypes, such as celebrities. Following these stereotypes gives a sense of belonging to people that have been ridiculed all their lives, but they fail to realize that a person should be free to look and dress as they

The Chronicles of Advanced Essay Writing Samples

The Chronicles of Advanced Essay Writing Samples Meanwhile, you also have to concentrate on many different tasks including studying and working. There are someA last minute essay writingA activities that are finished in a variety of fields especially if students believe an academic essay is only part of their requirements. To improve writing skills it's critical to read a great deal, generally. There might be not enough time to finish every task determined by your teachers and professors, you might have insufficient grasp of the topic you've got to research, you might have other responsibilities that keep you from working on your homework. Totally free courses are a really good way to boost your writing skills. You understand how to choose topics for college. UK academics in more than 50 subjects are easily offered! On-line course provided by Queen's University on how best to improve academic writing skills. 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Students lead busy lives and frequently forget about an approaching deadline. What About Advanced Essay Writing Samples? There's, obviously, a limit on the range of pages even our finest writers can produce with a pressing deadline, but usually, we figure out how to satisfy all the clients seeking urgent assistance. The following two sections will explain the format and requirements of every one of the writing tasks along with how they'll be scored. Do imagine that you're writing for somebody who is not quite as well-informed as you are, so you need to make your points clear. Asking the writer to offer humanitarian essay examples of their prior work will not just offer you some thought of the writi ng style of the professional, but may also be a pointer to the competence and qualification of the person. To begin with, let's have a peek at some true ECPE exam writing tasks so that we can observe different kinds of essay that we may need to write. 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The Nuiances of Advanced Essay Writing Samples Humanitarian essay samples will provide you with some idea on the capacity of the expert writer or company to create a top quality humanitarian paper. It is a short piece of writing on a particular subject. It must be composed of an introduction, a body, and a conclusion. Our sample essay has an easy but decent introduction in which it demonstrates that the examinee has knowledge of this issue and clearly states the writer's position to establish the remainder of the essay. Inside this section you'll find samples of essays belonging to several essay types and manners of formatting. Creative essays should have a topic. Citations and extracts from several sources have to be formatted properly. Doing this will permit you to be more acquainted with the usual content and basic formats which are usually seen in an academic essay. 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Statistics Economic and Business Research Method

Question: Discuss about the Statistics Economic and Business Research Method. Qnswer: Introduction Australia is a vast country richly supplied with natural minerals. The major minerals in Australia are Coal, iron ore, petroleum, copper, zinc, and bauxite, natural among others (AUSTRALIA, 1952). The mining industry started in about the late 20th century. In the current years, there has been a great change in the mining industry relating to production and processing of minerals. This change has imposed impacts on employment and wages. This change is also reflected in sales and profit earned by the company thereby reflecting a change in the countrys economy. In this assignment, the change in mining pattern of the country will be studied. The effect of the change on employment pattern, the wage of laborers, operating profit before taxes and the industry value will also be analyzed. Alongside, an outline idea about the data collection methods and analysis will be provided. Problem statement Currently, a great change has been evident in the Australian mining industry through the production of the mining patterns. This change has imposed positive and negative effects on distinct bodies such as countrys economy, employment, and wages (Fleming and Measham, 2015). Therefore, the problem statement of this project is to find out: The change in mining patterns of Australia since 2010. The effect of this change on employment pattern, salaries, operating profit in the industry. Literature Review Mining industries in Australia started from the European settlement which initiated quarrying of stone and clay for bricks formation. As it strives to enhance the economy, the mining industry brought it new mining patterns which have many impacts on labor, wages and hence, the economy as a whole (SHORT and WOODROFFE, 2009). Mining activities contribute greatly in boosting the economy. Mining generates about 54 % of total goods and services of the country and contributes about 6-7% of countrys GDP. However, the economy is lowered by the same subject matter, due to change in mining pattern, hence raising a point of concern (Hall, 2010). Initially, the mining industry had depressions and booms (Zhang et al., 2015). However, the discovery of gold made it contribute greatly to the economy of the state (Downes, Hanslow, and Tulip, 2014). In fact, the industry began to provide basic equipment such as fuel, construction materials and raw materials used in other industries (Measham et al., 20 13). The industry also initiated decentralization both from industrial and population perspective; towns, railway, and sports were established, presenting a remarkable review. It was considered an emblematic old economy,' because key resources were exported at low values (Fleming et al., 2015). However, in the beginning, this poor economic picture changed drastically. At one point of the Australian mining history, the industry shifted from the processing of metals, transforming the sector into a new look especially for labor patterns; people who were employed to work in the metal processing industries lost their jobs and wages at the same time (O'Shea et al., 2008). Along the same line of the shift, more people were employed to mine and process iron, coal and natural liquefied gas (Ferguson, Pndrich, and Raftery, 2014). As years passed by, investments in mining rose leading to more income and hence, economic growth. The expansion of iron ore and coal extraction lead to commence of several big LNG projects due to the rise in demand for natural gas. After that, there was more expectation of economic sustainability by 2010. Apparently, this was evident due to the increase in investments, and more consumers of mineral products such as natural gas, iron ore and coal (Frost, 1986). Besides, the investments were aimed at providing more employment opportu nities. The mining industry employs about 2% of the laborers of Australia and also supports a large number of industries (Fleming and Measham, 2015). By providing job opportunities, the industries, and related investments contribute indirectly to the growth in the economy. Employees were entitled to different wages depending on the state of the employer (industry), and personal qualifications (Cavallaro, 2010). The wages are also subjected to direct taxation hence, a clear way in which change in mining pattern affects the economy indirectly. To sum up, change in mining patterns affected economic growth positively by creating more job opportunities which resulted from the shift to the extraction of iron ore and coal in the last part of the last decade (Australia Sees Hope for Coal, Iron Ore Price Rises, 1999). Indirectly, the change in pattern boosted the economy by initiating more investments. Such investment initiated government income through tax (Middelbeek, 2012). Even though the change in mining pattern led to economic growth, it also a caused an undergrowth in the economy. As mentioned earlier, there was a shift from metal processing to mining of other minerals mentioned above. The report has also highlighted that the change leads to loss of job for those who were working in the metal processing industry. Therefore, the shift had a negative impact on the economy from two perspectives. Together with other related factors, it led to 7.4% decrease in value added of the mining industry. Secondly, loss of job by people who were working in the company denied them chances of making the investment and hence, preventing their active contribution to the economy (Reeson, Measham and Hosking, 2012). Besides unemployment cases brought by the change in mining patterns, various employees and wages were also affected. Like any other company in Australia, the rate of employment and wage changes took place in the mining industry; employees with recommendable skills were highly valued hence, paid considerably compared to employees with little skills. As a result of changes in mining patterns, there was an increase in working hours to 45 hours from the initial 35 hours a week (Edgar and Institute of Family Studies, 1980). Furthermore, extra hours on duty earned zero income for employees in some cases; they were not paid for an overtime work. This affected employees wages negatively, making them lack required enthusiasm of commitment. To sum up, the impact of the change in production of mining patterns have imposed both positive and negative impact on the economy, employment and on wages. The impacts include economic growth, an increase in working hours and employment opportunities. Research Objective This report proposes to review the effect of a change in production of mining patterns and its effects on the mining industry, employment, and wages. Through this review, the report will obtain the following objectives; Explain the state of Australia economy before and after changes in production of mining patterns. Determine the strength of these changes to labor, wages, and employment. For a states economy to be stable, all areas linked to it must be promoted. Therefore, preservation of factors such as employment, industries, labor, and investments is of great importance. As shown in the upper part of the report, there are various ways in which the mining industry through its pattern has affected the economy and related factors related. While a company strives to boost its profit, it should also focus on the economy as that the determinant for the latters progress. Therefore, shifting from metal processing industry was a bad impact on the formation of mining patterns. Besides creating other employment opportunities, it cut off other workers employments. This does not only affect the employs wage income but also the states economy. Likewise, elongating working hours from 35 to 45 with zero earnings was a bad idea; it may make workers to lack commitment hence, low productivity. Therefore, adjusting the mining patterns to support more employment, reducing working hour s back to the initial 35 and offering payment for any overtime work will be of great help to the economy. Besides, addition, it will promote the growth of the mining industry. Research aim The impact of the change in production of mining patterns and its effects on the mining sector, employees and wages are as follows; there is a level of economic growth as a result of the extension of mining activities and related investments. However, the economy may also depreciate due to the closure of the metal processing industry back in the 2000s, which apart from reducing employment, it also affected wage income for some workers. Increase in working hours is also evident. Therefore, the following are the questions of this research project; What are the changes in the mining industry since the year 2000? What are the effects of this change in operating profit earned by the industry, employment and wage figures in the industry? Research Design and Methodology Research Questions What is the comparison between the currents economic status and the status back in 2000s? What are some of the changes that have experience in the industrys employment pattern? How have the changes in mining patterns affected employees wages? Test-taking Procedure Being in search of secondary data, I visited the companys website (Australian Bureau of Statistics), and extract historical data on employment pattern, various wages entitled to distinct employees, and the companys contribution to the states economy. I also obtained data on the companys profit trend which was readily available on the mining industrys profile. Materials Computer Wireless internet connection Research Expectations By taking the above steps, the report aimed at the following expectations; Economic growth Creation of more job opportunity (Van der Plank, Walsh and Behrens, 2016) The increase of working hours. Better wages Project plan (Gantt chart) Below is a Gantt chart section presenting my routine and qualifications for coming up with the proposed research. To obtain the objectives of the report, I followed the routine shown in figure one bellow. Because I had already presented a literature review on the impacts of mining patterns on economy, employees, and wages, I will spend most of the time to sort through the to obtain the findings and present. Gantt Project Week 6 Week 10 Week 14 Task 1 Literature Review Task 2 Data Collection/ Analysis Report Task 3 Data Collection/ Analysis Report Figure 1. Schedule for completion of the literature review. The formal presentation is in the 14th week. Data Analysis After collecting data, various statistical methods were used for analysis. Some of the analysis revealed that wages of employee vary according to working level and skills. According to the analysis, data on the mining and production of coal came out as a time series data. The different components of time series were then analyzed. The time series analysis includes: Trend analysis: To check whether there is any trend (increasing or decreasing) in the welling values. Seasonality: To see if there are any seasonal fluctuations in the values. Cyclical fluctuations: To determine whether there is any oscillatory movement in the time series. Irregularity: To see if there is any irregular pattern of circulation in the data (Montgomery, Jennings and Kulahci, 2015). Apart from seeing the impact of the changes on profit, laborer, wages, capital, cost, inventories a regression analysis are also carried out. Lifting a linear regression was equally considered necessary. It was revealed that the inc ome is the independent variable, while expenditure, wages, salaries are dependent variables. A significant value of the regression coefficient will indicate the variable has a major effect on the value of income (Grmping, 2012). Findings Through appropriate analysis, the research has come up with the following findings: The mining industry patterns have resulted into Economic growth Economic depression (to some extend). Some job opportunity has been crested Some job opportunities were lost The increase of working hours from 35 to 45 (Search.abs.gov.au. 2016). No, pay for extra hours on duty hence, low wages. Variables and Hypothesis The primary variables concerned in this study are production figures of different minerals, income or profit generated from selling these minerals, various other factors like wages, employment, inventories purchased, etc. The production figures and income are independent variables. On the other hand, wages, employment, inventories to be obtained depends on the output data. So these are dependent variables (Trudinger, Walter and Ralph, 2013). The hypotheses that are to be tested in this research work are: There is any seasonal or cyclical pattern in the production figures. The employment, wage figures, cost of inventories are dependent on income figures. Operational Definitions and Measurements The problem in this research work is to estimate the effect of change of revenues in employment status, wage value, labor, and capital in the mining industry. The variables of income are measured regarding millions of $. The other variables like wages, expenses, labor costs, and change in inventories are also measured in millions of $. The figures of employments are measured in number. Since the figures are for the whole mining industry and quite large, an error of about 5% can be tolerated. The data is secondary data has been collected from Australian Bureau of Statistics. The data is subjected to non-sampling errors. Conclusion Mining industry contributes to about 8.5 % of the economy of Australia. It provides 2% job opportunities to the citizen, whose wages are determined by the mining industries. The shift from metal processing by the mining sector in 2000 resulted in the loss of jobs. The shift to coal production of natural gas and iron ore created more employment opportunities apart from boosting the economy directly. Adjusting working hours from 35 to 45 with zero compensation lowered wages and hence, reducing enthusiasm of workers resulting in small production. The proposed research will help in achieving the following objectives: (1) identify various effects of changes in production of mining patterns to the mining industry, economy and wages (2) determine adjustments that drilling patterns can adjust to boost the economy further. The research intends to include a formal presentation on the 14th week of the academic calendar. References Australia. (1952).The Australian mineral industry. Canberra, Australian Government Pub. Service. Australia Sees Hope for Coal, Iron Ore Price Rises. (1999). Coal International, 247, 6, p. 199, Business Source Premier, EBSCOhost, viewed 19 September 2016 Cavallaro, N. (2010). Will Aussie super tax create another Vale in Africa?, Metal Bulletin Daily, 214, p. 31, Business Source Premier, EBSCOhost, viewed 19 September 2016. Downes, P., Hanslow, K. and Tulip, P. (2014).The effect of the mining boom on the Australian economy. Reserve Bank of Australia. Edgar, D., and Institute of Family Studies, M. (1980). Possible Directions For An Australian Family Policy. Discussion Paper No. 1, n.p.: ERIC, EBSCOhost, viewed 19 September 2016. Fleming D.A. Measham T.G. (2015). Local economic impacts of an unconventional energy boom: the coal seam gas industry in Australia. Australian Journal of Agricultural and Resource Economics,59(1), pp.78-94. Frost, F. (1986). Strategic Alternatives for Australian Iron-ore Producers, Long Range Planning, 19, 1, pp. 89-98, Business Source Premier, EBSCOhost, viewed 19 September 2016. Ferguson, A, Pndrich, G, Raftery, A. (2014). Auditor Industry Specialization, Service Bundling, and Partner Effects in a Mining-Dominated City, Auditing: A Journal Of Practice Theory, 33, 3, pp. 153-180, Business Source Premier, EBSCOhost, viewed 19 September 2016. Grmping, U. (2012). Estimators of relative importance in linear regression based on variance decomposition.The American Statistician. Hall, D. (2010). Short-staffed in the long term, Brw, 32, 25, p. 28, MasterFILE Premier, EBSCOhost, viewed 19 September 2016. Middelbeek, E. (2012). Australia mining tax set to slam iron ore profits, Metal Bulletin Daily, 321, p. 277, Business Source Premier, EBSCOhost, viewed 19 September 2016. Measham T.G, Haslam Mckenzie, F., Moffat, K. And Franks D.M. (2013). An expanded role for the mining sector in Australian society?.Rural Society,22(2), pp.184-194. Montgomery, D.C., Jennings C.L. Kulahci, M. (2015). Introduction to time series analysis and forecasting. John Wiley Sons. O'Shea, P, Andrew C., W, Griffiths, D, Gerace, D. (2008). Patterns of disclosure and volatility effects in speculative industries: The case of small and mid-cap metals and mining entities on the Australian securities exchange, Journal Of Financial Regulation Compliance, 16, 3, pp. 261-273, Business Source Premier, EBSCOhost, viewed 19 September 2016. Reeson A.F., Measham T.G. and Hosking, K. (2012). Mining activity, income inequality and gender in regional Australia.Australian Journal of Agricultural and Resource Economics,56(2), pp.302-313. SHORT, A. D., WOODROFFE, C. D. (2009).The coast of Australia. Cambridge, Cambridge University Press. Trudinger P.A., Walter M.R. and Ralph B.J. eds. (2013).Biogeochemistry of Ancient and Modern Environments. Proceedings of the Fourth International Symposium on Environmental Biogeochemistry (ISEB) and, Conference on Biogeochemistry in Relation to the Mining Industry and Environmental Pollution (Leaching Conference), held in Canberra, Australia, 26 August4 September 1979. Springer Science Business Media. Search.abs.gov.au. (2016). Searching: Australian Bureau of Statistics (www.abs.gov.au). [online] Available at: https://search.abs.gov.au/s/search.html?collection=absform=simpleprofile=_default_previewquery=mining [Accessed 24 Aug. 2016]. Van der Plank, S, Walsh, B, and Behrens, P. (2016). The expected impacts of mining: Stakeholder perceptions of a proposed mineral sands mine in rural Australia, Resources Policy, 48, pp. 129-136, Business Source Premier, EBSCOhost, viewed 19 September 2016. World Business Organization. (2003). Asia and Pacific review 2003/04. Essex, England, Walden Publishing Ltd. Zhang, A, Moffat, K, Lacey, J, Wang, J, Gonzlez, R, Uribe, K, Cui, L, Dai, Y. (2015). Understanding the social licence to operate of mining at the national scale: a comparative study of Australia, China and Chile', Journal Of Cleaner Production, 108, pp. 1063-1072, Business Source Premier, EBSCOhost, viewed 19 September 2016.

Responsibility Accounting Essay Example

Responsibility Accounting Paper Cost centres, profit centres, investment centres and revenue centres Responsibility accounting Responsibility accounting is based on identifying individual parts of a business which are the responsibility of a single manager. A responsibility centre is an individual part of a business whose manager has personal responsibility for its performance. The main responsibility centres are: †¢ cost centre †¢ profit centre †¢ investment centre †¢ revenue centre. Cost centres A cost centre is a production or service location, function, activity or item of equipment whose costs are identified and recorded. For a paint manufacturer cost centres might be: mixing department? packaging department? administration? or selling and marketing departments. †¢ For an accountancy firm, the cost centres might be: audit? taxation? accountancy? word processing? administration? canteen. Alternatively, they might be the various geographical locations, e. g. the London office, the Cardi ff office, the Plymouth office. Revenue centre A revenue centre is a part of the organisation that earns sales revenue. It is similar to a cost centre, but only accountable for revenues, and not costs. Investment centres Managers of investment centres are responsible for investment decisions as well as decisions affecting costs and revenues. †¢ Investment centre managers are therefore accountable for the performance of capital employed as well as profits (costs and revenues). †¢ The performance of investment centres is measured in terms of the profit earned relative to the capital invested (employed). This is known as the return on capital employed (ROCE). ROCE = Profit/Capital employed. Financial accounting Financial accounting involves recording the financial transactions of an organisation and summarising them in periodic financial statements for external users who wish to analyse and interpret the financial position of the organisation. †¢ The main duties of the financial accountant include: maintaining the bookkeeping system of the nominal ledger, payables control account, receivab les control account and so on and to prepare financial statements as required by law and accounting standards. We will write a custom essay sample on Responsibility Accounting specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Responsibility Accounting specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Responsibility Accounting specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Cost accounting Cost accounting is a system for recording data and producing information about costs for the products produced by an organisation and/or the services it provides. It is also used to establish costs for particular activities or responsibility centres. †¢ Cost accounting involves a careful evaluation of the resources used within the enterprise. Management accounting has cost accounting at its essential foundation. The main differences between management accounting and cost accounting are as follows: Cost accounting is mainly concerned with establishing the historical cost of a product/service. †¢ Management accounting is concerned with historical information but it is also forwardlooking. It is concerned with both historical and future costs of products/services. (For example, budgets and forecasts). †¢ Management accounting is also concerned with providing nonfinancial information to managers. †¢ Management accounting is essentially concerned with o ffering advice to management based upon information collected (management information). Management accounting may include involvement in planning, decision making and control. The following illustration compares management accounting with financial accounting. Management accounting Financial accounting Information mainly produced for Internal use: e. g. managers and employees External use: e. g. shareholders, creditors, lenders, banks, government. Purpose of information To aid planning, controlling and decision making To record the financial performance in a period and the financial position at the end of that period. Legal requirements None Limited companies must produce financial accounts. Formats Management decide on the information they require and the most useful way of presenting it Format and content of financial accounts intending to give a true and fair view should follow accounting standards and company law. Nature of information Financial and nonfinancial. Mostly financial. Time period Historical and forwardlooking. Mainly an historical record. chapter 1 Information mainly produced forInternal use: e. g. managers and employees External use: e. g. shareholders, creditors, lenders, banks, government. KAPLAN