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Principles and methods of managerial cost-accounting systems
1Graduate School of Business Administration, University of Colorado at Denver 80202-2219.
American Journal of Hospital Pharmacy
|January 1, 1988
Summary
Pharmacy managers can leverage cost-accounting systems to track expenses and improve financial performance. These systems help in analyzing costs, optimizing strategies, and enhancing budgeting for better service delivery.
Area of Science:
- Health care management
- Pharmacy administration
- Financial accounting
Background:
- Cost-accounting systems are crucial for financial management in healthcare settings.
- Understanding resource consumption is vital for efficient service provision.
- Pharmacy managers require robust financial data for operational decisions.
Purpose of the Study:
- To introduce cost-accounting systems to pharmacy managers.
- To define key accounting terms and provide practical applications.
- To demonstrate how cost-accounting aids in strategic evaluation and reporting.
Main Methods:
- Defining core accounting concepts: cost, fixed vs. variable costs, direct vs. indirect costs, opportunity costs, incremental costs, and sunk costs.
- Explaining costing methodologies: process costing and job-order costing.
- Discussing methods for cost allocation: ratio of costs to charges and microcosting.
Main Results:
- Cost-accounting systems provide essential data for internal and external reporting.
- Analysis of costs aids in pricing strategies, cost determination, and break-even analysis.
- Microcosting offers greater accuracy in cost allocation compared to the ratio of costs to charges method.
Conclusions:
- Effective cost-accounting systems empower pharmacy managers to evaluate strategies, policies, and services.
- These systems are instrumental in improving budget accuracy and financial reporting.
- Implementation of cost-accounting principles enhances overall pharmacy operational efficiency and financial health.
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