The financial condition of selected enterprises from the Świętokrzyskie voivodeship during the COVID-19 pandemic – A survey analysis

Purpose of the study: This article aims to assess the financial condition of selected enterprises from the Świętokrzyskie Voivodeship during the ongoing COVID-19 pandemic. Methodology: The article presents the results of proprietary surveys on the usefulness of the economic entities' cost accounting system to manage their costs in the conditions of the COVID-19 pandemic. These studies were carried out using the Computer-Assisted Web Interview method. Economic entities from the Świętokrzyskie voivodship with an entry in the National Court Register were invited to the survey via email. They were commercial law companies, mainly limited liability companies, joint-stock companies, etc. Main Findings: The main conclusion from the conducted research is the statement that the difficult economic situation of the market sector in Poland does not always translate into the financial condition of enterprises. The common opinion about the financial problems of Polish companies caused by the COVID-19 pandemic turns out to be wrong. The examined economic entities do not struggle with the issue of losing financial liquidity at all. On the contrary, over 40% of them indicated an improvement in the financial result in 2020 compared to 2019. Applications of this study: The results of the conducted research confirm that the COVID-19 pandemic in Poland did not significantly worsen the financial situation of the surveyed business entities; on the contrary, the vast majority of them do not and have had no problems with maintaining financial liquidity. The originality of this study: The analysis of the literature on the subject showed that there is no data on the assessment of the financial condition of enterprises in the conditions of the COVID-19 pandemic, taking into account at the same time the organizational and legal form of the studied entity and the area of ​​its operation.

Improvement of the mechanism of management accounting of enterprise expenses in the conditions of clusterization

The object of research is the implementation of clustering of the economy as an effective mechanism for management accounting of the costs of enterprises. One of the most problematic areas is the identification of the main priority areas of clustering the economy, which will actively influence the development of management accounting of enterprises' costs. The use of a cluster mechanism for management cost accounting, thanks to management, information, personnel, financial, investment, and innovation potential, will create a research base for developing cost accounting methods and assess the prospects for its use in clusters. The analysis of the current state of the introduction of clustering of the economy is made on the example of Ukraine. The main characteristics of the directions of development of the introduction of clustering of the economy have been determined. The main priority areas of clustering of the economy will actively influence the development of management accounting of enterprises' costs. In the course of the study, approaches to clustering the economy as an effective mechanism for management accounting of enterprises' costs are used. The stages of the introduction of clustering of the economy as an effective mechanism for management accounting of the costs of enterprises are determined. These stages provide for the determination of the role of clustering the economy in creating an effective mechanism for accounting for expenses in clusters and the development and implementation of action plans for its implementation. The next step is to analyze the implementation of management accounting of expenses in clusters and develop the principles of its formation. For their implementation, it is proposed to develop directions for the development of the introduction of clustering of the economy and to present the cluster mechanism as an effective factor in improving the management accounting of enterprises' costs. Thanks to this, it is possible to prevent and solve the problems of management accounting of expenses in clusters and to increase the efficiency of the cluster association. In comparison with similar well-known methods, the proposed approaches allow to form an effective management cost accounting system and improve management in clusters using the cluster approach.

A Model of Product Life Cycle Cost Management Based on the Example of the Spartan Multimedia Shooting Training System

Cost management is a process that contributes to increases in efficiency that have an impact on a finished product. Comprehensive cost management uses information that is created by the cost accounting system and new concepts of measurement and valuation of product manufacturing costs. This paper presents the product life cycle costing (LCC) method and the target cost method as concepts used in cost management based on the example of the SPARTAN system. SPARTAN is a stationary training system designed to train, monitor and evaluate sighting and shooting techniques for small arms. The LCC method refers to the estimated cost of a product (in our case, the SPARTAN system) life cycle and it is calculated as the sum of the acquisition costs, ownership costs and operating costs. Having taken into account costs of acquisition, ownership and operation, the results of the LCC analysis were obtained, which show that, keeping in mind the whole life cycle cost, it will be more profitable to purchase the modernized version of the SPARTAN system despite its higher acquisition costs.

Increasing Energy and Material Consumption Efficiency by Application of Material and Energy Flow Cost Accounting System (Case Study: Turbine Blade Production)

It is often difficult to extract data on material and energy wastes and related costs in the value chain of manufacturing products. Many organizations are not fully aware of the actual costs of material and energy wastes. For this purpose, advanced costing methods should be used. For this case study, we used material and energy flow cost accounting (MEFCA) to determine material costs, losses, and waste management in the manufacturing of turbine blades at the Iran Power Plant Company. Using the extracted data, the manufacturing costs of turbine blades were studied. The conventional method of turbine blades production is the machining method, which produces a significant amount of material and energy waste. By studying different methods, we found that there is an alternative method called forging, which reduces losses and costs. Finally, the costs of the two methods were compared. Engineering economics techniques were also used to compare the two methods on a long-term planning horizon.

Increasing Energy and Material Consumption Efficiency by Application of Material and Energy Flow Cost Accounting System (Case Study: Turbine Blade Production)

It is often difficult to extract data on material and energy wates and related costs in the value chain of conventional production units. Many organizations are not fully aware of the actual cost of material and energy waste. For this purpose, advanced costing methods should be used. This study uses material and energy flow cost accounting to determine material costs, losses, and waste management. The case study of this research is the construction of turbine blades in Iran Power Plant Company. In this study, using the extracted data, the construction costs of turbine blades have been studied. The conventional method of making a turbine blade is the machining method, which we will see has a huge amount of wastes of materials and energy. By studying different methods, we will find that there is an alternative method called forging, which reduces losses and costs. Finally, the costs of the two methods are compared. Engineering economics techniques have also been used to compare two methods on a long-term planning horizon.

Increasing Energy and Material Consumption Efficiency by Application of Material and Energy Flow Cost Accounting System (Case Study: Turbine Blade Production)

It is often difficult to extract data on material and energy wates and related costs in the value chain of conventional production units. Many organizations are not fully aware of the actual cost of material and energy waste. For this purpose, advanced costing methods should be used. This study uses material and energy flow cost accounting to determine material costs, losses, and waste management. The case study of this research is the construction of turbine blades in Iran Power Plant Company. In this study, using the extracted data, the construction costs of turbine blades have been studied. The conventional method of making a turbine blade is the machining method, which we will see has a huge amount of wastes of materials and energy. By studying different methods, we will find that there is an alternative method called forging, which reduces losses and costs. Finally, the costs of the two methods are compared. Engineering economics techniques have also been used to compare two methods on a long-term planning horizon.

Special Features of the Cost Accounting System in Managing Organizations of the Housing and Utilities Sector

Housing and utilities sector (HUS) is a vast nonproduction industry, the purpose of which is to provide the country’s population with a comfortable living environment. Each residential building should be provided with public utilities, and thus should be controlled by certain managing companies. The article deals with the features of the management accounting system in the managing companies of HUS. The methodological basis of the research is the theoretical aspects of management accounting and state regulations. The study was conducted in the managing organizations of the HUS. As a result of the study, a statement for management accounting is proposed which includes certain cost items special for HUS. An algorithm for determining the reimbursements for the house and the surrounding area maintenance is developed. In order to improve the efficiency of management organizations, the author singles out responsibility centers and substantiates the key indicators for them.

Management accounting as an element of the corporate management system, problems of its organization in economic entities

The article describes the procedure and main problems of organizing management accounting in the general corporate management system of the economic entity, such as: low level of effectiveness of planning (budgeting) mechanism or its absence; little information from the cost accounting system; lack of well-established system for managing the activities of the economic entity as a whole and its separate structural divisions; lack of a mechanism for assessing the profitability of activities, etc.

Cost calculation systems in commercial banks: Traditional system and activity-based calculation system

Increasing competition between banks in local and global markets imposed the need for the bank to determine the most competitive prices and markets for its products, which ensures profit maximization while minimizing risk, as well as maintaining optimal product quality. The ability of management to make the right decisions at the right time, largely depends on the adequacy of cost systems that provide a high degree of accuracy in costing, and timely receipt of complete information on each individual banking product. The paper presents a comparative overview of the traditional cost accounting system and the ABC cost accounting system, in order to find the most efficient cost system and to reach the best business results by banks.