The Impact Of Financial Accounting On The Modern...

1. INTRODUCTION Since the trading has started, the use of financial accounting has put into effect in the contemporary civilisation but it is later on that cost accounting began to make its appearance. The cost accounting system was first adopted in Robert Loder’s farm accounts in 1610-20 (Banerjee, 2014). Since then, the costing system has continued to evolute until up to now. There are two well-known costing systems. Firstly, the Conventional costing systems utilise the direct material and direct labour to products and assign the manufacturing overheads to products based on the volume-based cost driver (predetermined overhead rate) and secondly, Activity-Based costing is method that utilised multiple cost driver and allocation bases to trace overhead cost to final products (Cooper Kaplan, 1991). As a result, these cost information was useful for external reporting, performance evaluation and analysis, and decision making and planning. In the past two decades, many manufacturing organisations were applying the traditional costing method in their allocations of resources. As the overhead costs gathered momentum over the years, the TCS became more and more unrealistic and inaccurate (Langfield-Smith, Thorne, Smith, Hilton, 2015). Hence, this has led to misinterpretation of information regarding the product costs and affected the decision making adversely, e.g., managers may commit a mistakes when selling unproductive products or leaving behind the profitable productsShow MoreRelatedConstructivism, Symbolic Interactionism And Social Conflict Theory1509 Words   |  7 Pagesaware the of the history of globalisation. Whereby, Gà ¶ran Therborn suggest globalisation was fostered through six waves, originally established by the Roman Empire. The first wave consisted of the diffusion of world religions and transcontinental civilisations Therborn (2000, p.158). 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