Quotes & Sayings About Cost Accounting

Many of the Abbott disciplines trace back to 1968, when it hired a remarkable financial officer named Bernard H. Semler. Semler did not see his job as a traditional financial controller or accountant. Rather, he set out to invent mechanisms that would drive cultural change. He created a whole new framework of accounting that he called Responsibility Accounting, wherein every item of cost, income, and investment would be clearly identified with a single individual responsible for that item.4 The idea, radical for the 1960s, was to create a system wherein every Abbott manager in every type of job was responsible for his or her return on investment, with the same rigor that an investor holds an entrepreneur responsible. There would be no hiding behind traditional accounting allocations, no slopping funds about to cover up ineffective management, no opportunities for finger-pointing. — James C. Collins

But imagine for a moment if we once again knew, strictly as a matter of course, these few unremarkable things: What it is we're eating. Where it came from. How it found its way to our table. And what, in a true accounting, it really cost. — Michael Pollan

1. Project What is the project? Why is it unique? Why is the business needed? Why will customers love your product? 2. Partners Who are you? Who are the partners? What are your educational backgrounds? How much experience do you all have? How are you and your partners qualified to make the project a success? 3. Financing What is the total cost of the project? How much debt and how much equity is there? Are partners investing their own money? What is the investor's return and reward for their risk? What are the tax consequences? Who is your CFO or accounting firm? Who is responsible for investor communications? What is the investor's exit? 4. Management Who is running your company? What is their experience? What is their track record? Have they ever failed? How does their experience relate to your industry? Do you believe this is the strongest management team you can assemble? Can you pitch them with confidence? — Donald J. Trump

The falseness of the seventeenth century became a large measure of the truth by the nineteenth. Money made the man, or at least went a long way toward doing so; and death became the occasion for a final accounting, a stocktaking of worldly success. Of course, there were other metrics: virtue, martyrdom, political standing, fraternal ties. But it took money to publicize them. The funeral became more and more a standardized commodity whose cost could be matched with exquisite precision to the class and degree of 'respectability' of the deceased. When one bought a funeral, one bought a more or less splendid parade, each additional bauble, each horse, each feather or set of nails adding to the base price. Bit by bit, finery accumulated, and by looking at the account books of an undertaker who specialized in pauper funerals, we can begin to see the bounds of decency in death. — Thomas W. Laqueur

Psychopaths can assume the burden of mental accounting without any obvious distress. That is no accident: They are psychopaths. They do not care about others and are quite happy to sever relationships whenever the need arises. Some people are monsters of egocentricity. But lying unquestionably comes at a psychological cost for the rest of us. — Sam Harris

Nature is an expert in cost-benefit analysis,' she says. 'Although she does her accounting a little differently. As for debts, she always collects in the long run ... — Margaret Atwood

Balance Sheets are meaningless. Our accounting systems are still based on the assumption that 80% of costs are manual labor. — Peter Drucker

Cost Accounting is enemy number one of productivity. — Eliyahu M. Goldratt

Forty years of emphasizing accounting-style control over things has seen American businesses do little or nothing to develop the capabilities of people. Workers have been viewed as a source of energy and cost, not as a source of ideas. — H. Thomas Johnson

Accounting consequences do not influence our operating or capital-allocation decisions. When acquisition costs are similar, we much prefer to purchase $2 of earnings that is not reportable by us under standard accounting principles than to purchase $1 of earnings that is reportable. — Warren Buffett

National Health Insurance means combining the efficiency of the Postal Service with the compassion of the I.R.S ... and the cost accounting of the Pentagon. — Louis Sullivan

The bailout of Fannie Mae is completely off the books. It's going to cost us hundreds of billions of dollars. Yet nobody is placing this in any type of column in accounting for federal debt. — Leonard Lance

If economics were only about profit maximization, it would be just another name for business administration. It is a social discipline, and society has other means of cost accounting besides market prices. — Dani Rodrik

The grandmothers decided on William's eighth birthday that the time had come for the boy to learn the value of money. With this in mind, they allocated him one dollar a week as pocket money, but insisted that he keep an inventory accounting for every cent he spent. Grandmother Kane presented him with a green leather-bound ledger, at a cost of 95 cents, which she deducted from his first week's allowance. From then on the grandmothers divided the dollar up every Saturday morning. William could invest 50 cents, spend 20 cents, give 10 cents to charity and keep 20 cents in reserve. At the end of each quarter they would inspect the ledger and his written report on any unusual transactions. — Jeffrey Archer

I've met them down in the Cost and Accounting Department, clean-shaven and in white collars. They can't see a damn thing ridiculous about themselves ... only about you. — Jean Shepherd