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Recent developments of statistical approaches in cost accounting: a review

Author

Listed:
  • Rodney C Wolff
  • Michael Falta

    (School of Economics and Finance, Queensland University of Technology)

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.

Suggested Citation

  • Rodney C Wolff & Michael Falta, 2006. "Recent developments of statistical approaches in cost accounting: a review," School of Economics and Finance Discussion Papers and Working Papers Series 208h, School of Economics and Finance, Queensland University of Technology.
  • Handle: RePEc:qut:dpaper:208h
    as

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    File URL: http://eprints.qut.edu.au/5934/
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