GFI Executive Report
Gracie Faye International (GFI) has an art to understand their abilities to record, classify, and summarize their financials, but they are lacking the understanding of their cost accounting systems, product costs for production of toka balls, specific job order cost for special order products, and their cost information on the two models of pitching machines, which all of these areas are not being justify on how important cost accounting is to a growing company like GFI. These four areas will be explored in more detail in order to shed light on each activity, which will ensure that GFI is making a profit, correct decisions, and recognizes any corrections that need to me made. GFI must understand that cost accounting is an important function in their corporate strategy.
Cost accounting is known as managerial, or management accounting, which it provides economic, and financial information in making decision for the company. Its main objective is to provide information in aiding management to plan, direct, and control operations. It also improves these controls by supplying data on the cost incurred to each manufacturing department. The skill sets that I have will enhance GFI on many levels, and they include; full knowledge of purchasing policies, processes, and procedures, balance and reconcile records, able to research and resolve unbalance issues, have strong technical skills, solid decision making skills, and the ability to exercise independent judgment, prioritize and plan, work activities efficiently to meet deadlines, work as a team or independently, detailed oriented, excellent oral and written communication skills, and strong mathematical skills.
Cost management is used to plan, and control the company’s decision process, in which product cost would be lower, and product value would increase for customers. It provides information that ensures management makes short, and long term decisions no matter what kinds of
Cost accounting is known as managerial, or management accounting, which it provides economic, and financial information in making decision for the company. Its main objective is to provide information in aiding management to plan, direct, and control operations. It also improves these controls by supplying data on the cost incurred to each manufacturing department. The skill sets that I have will enhance GFI on many levels, and they include; full knowledge of purchasing policies, processes, and procedures, balance and reconcile records, able to research and resolve unbalance issues, have strong technical skills, solid decision making skills, and the ability to exercise independent judgment, prioritize and plan, work activities efficiently to meet deadlines, work as a team or independently, detailed oriented, excellent oral and written communication skills, and strong mathematical skills.
Cost management is used to plan, and control the company’s decision process, in which product cost would be lower, and product value would increase for customers. It provides information that ensures management makes short, and long term decisions no matter what kinds of
References: Atkinson, A.A., Kaplan, R.S., & Young, S.M. (2005). "Management accounting." (Custom ed.). Upper Saddle River, NJ: Pearson Custom Publishing. Edmonds, C.D., Edmonds, T.P., Olds, P.R., & Schneider, N.W. (2006). "Fundamental managerial accounting concepts." (3rd ed.). New York: McGraw-Hill Irwin.