By Steven M. Bragg
Ultra-modern controllers aren't any longer noticeable as technicians who strategy transactions; they're now noticeable as enterprise executives with a wide-ranging wisdom of overall company operations, most sensible practices, and company process. delivering a finished evaluation of the jobs and tasks of controllers in trendy setting, this 8th version of Controllership keeps to supply controllers and vice presidents of finance with all elements of administration accounting from the controller's point of view, together with inner regulate, revenue making plans, rate keep watch over, stock, and monetary disclosure.
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Additional resources for Controllership: The Work of the Managerial Accountant
The ABC methodology is a much more accurate way to associate overhead costs with speciﬁc activities, which in turn can be assigned to product costs. Its main advantage is that it builds a direct correlation between the occurrence of an activity and related overhead costs, so that changes in the activity can be reliably expected to result in corresponding changes in the overhead costs. This results in valuable information for the management team, which uses it not only to gain some measure of control over its overhead costs, but also to gain an understanding of which products use more activities (and therefore overhead costs) than others.
Costs are collected in bulk for entire time periods, and then allocated out to the volume of entire production runs during that period. This results in a fair degree of accuracy when costs are averaged out and assigned to individual units. However, some degree of estimation is required when determining total production quantities completed, since some units may be only partially completed at the end of the production period. Consequently, there is some room for variation in ﬁnal production costs.
Once overhead costs have been assigned to speciﬁc products, they follow the usual pattern of being moved to the ﬁnished goods inventory while their associated completed products are held in storage, and from there to the cost of goods sold upon sale of the product. The allocation of costs to speciﬁc jobs can be delayed for some time under the actual cost overhead allocation method, because some costs can be compiled only at the end of the month, or perhaps not until several weeks thereafter. This is a problem for those companies that want more immediate costing information.
Controllership: The Work of the Managerial Accountant by Steven M. Bragg