Sport Management

Front 1

Cost accounting definition

Back 1

management information system which analyses past, present and future data to provide the basis for managerial action' CIMA, 2009.

Front 2

Cost accounting key functions

Back 2

Planning - allocating resources efficiently.
Controlling - controlling costs in different divisions
Decision making - whether to adjust prices, to increase level of service provision and to make or buy new product

Front 3

cost accounting benefits

Back 3

-flexible - use tools that best fit organisation and its circumstances
-Unstructured - the organisation can tailor it to fit needs
-no law, legislation or ruled that governs reporting data (Unlike financial accounting)
-Increasingly competitive/expanding market, cost accounting necessary for competitive advantage
-Survial!
-allows price setting to be informed to aid profit maximisation

Front 4

cost information mangers require

Back 4

1. costs incurred and controlled by departments
2. costs related to different products/services
3. costs related to actual quantities

Front 5

Operations involving money

Back 5

-applying for funding from governing bodies
-managing membership subscriptions for local sport club
-increase profit margins private operation