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Business Accounting

Business accounting or managerial accounting refers to all the activities that pertain to the generation of accounting and valuing a piece of business information with the intent of helping the managerial level make better decisions in the future. Financial accounting and other types of accounting are mostly oriented towards external users such as shareholders, banks and other creditors, public regulatory bodies or other such related institutions and potential investors. In contrast, business accounting focuses on providing relevant financial information to the management. Thus its scope is quite different and it can be said to be the inverse of accounting and most if not all of its types. Within the umbrella term of business accounting, there are several sub-divisions that have their respective areas of concern that they access to provide information. These are:

 

Cost Accounting

This is one of the most important aspects of business accounting. Before any enterprise decides to invest its capital in any venture, it is necessary for the business to assess the cost of investment in juxtapose with the other alternative courses of action available to the company. Cost accounting comprises of investment costs and the return that is expected on them. Even after a venture has been invested in, cost accounting remains relevant to it since accounting can help managers keep the venture efficient and plan for the future. In addition to being used by managers, cost accounting is also used in financial accounting.

 

Throughput Accounting

Throughput accounting was first proposed as an alternative to cost accounting and assumes a different approach than cost accounting in the sense that rather than allocating costs to every activity undertaken by an organization it deals in cash. True to its name, throughput accounting generates greater throughput by identifying the inhibitors to successful achievement of organizational goals. Thereafter, it also identifies the best means of minimizing or eliminating the impact of these restrictions or inhibitors. Thus, throughput accounting makes use of business intelligence to derive better yields from operations rather than simply cutting expenses to raise the profit margin.

 

Lean Accounting

Lean accounting, with the help of effective lean operation, is essentially the improvement and updating of conventional accounting practices to facilitate the propagation of the lean enterprise idea as a business strategy. There are many facets to lean accounting most are subject to the particular accounting practices that are undertaken in relation to a business. Under lean accounting, traditional practices of accounting are replaced by lean-focused performance appraisals, direct costing of the value streams, box score based reporting and decision making, simplified financial reports, removal of transactional control systems, etc.

 

Resource Consumption Accounting

Resource consumption accounting is taken into consideration the number of resources that are being or have been utilized in the operations (building, equipment, labor) of the enterprise. Its objective is to provide managers with sufficient information to make optimal decisions.

 

Transfer Pricing

Through transfer pricing, international corporations can maximize their net profit by allocating their earnings to countries where the tax rates are lower than normal.

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