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Recent developments of statistical approaches in cost accounting: a review

Falta, Michael & Wolff, Rodney C. (2004) Recent developments of statistical approaches in cost accounting: a review. International Statistical Review, 72(3), pp. 377-396.

Abstract

We review and simultaneously introduce a convenient statistical concept for the mathematical representation of the Statistical Activity Cost Theory (SACT) introduced by Willett (1987 and 1988). Further, we discuss, and present a critique of, a variety of statistical models with respect to long debated accounting problems, such as the allocation of joint costs and depreciation. We finally propose that taking the effort to combine those models results in a novel statistical accounting system and this is discussed by means of the so-called virtual firm. As it has been shown that any statistical model discussed here outperforms associated deterministic counterparts, this review presents promising outcomes and useful perspectives for the accounting profession.

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ID Code: 5934
Item Type: Journal Article
Additional URLs:
Keywords: Accounting systems, conditioning, depreciation, Markov chains, Statistical Activity Cost Theory (SACT), virtual firm
ISSN: 0306-7734
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > ACCOUNTING AUDITING AND ACCOUNTABILITY (150100)
Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > BUSINESS AND MANAGEMENT (150300)
Australian and New Zealand Standard Research Classification > MATHEMATICAL SCIENCES (010000) > STATISTICS (010400)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Copyright Owner: Copyright 2004 Blackwell Publishing
Copyright Statement: The definitive version is available at www.blackwell-synergy.com
Deposited On: 09 Jan 2007
Last Modified: 29 Feb 2012 23:09

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