Chp. 1 & 2 - Managerial - Chapter 1 2 Managerial 3 Points of Managerial Accounting Planning Controlling Decision-Making Managerial vs Financial

Chp. 1 & 2 - Managerial - Chapter 1 2 Managerial 3...

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Chapter 1 & 2 – Managerial - 3 Points of Managerial Accounting: Planning, Controlling, Decision-Making Managerial vs Financial Accounting - Managerial o Internal things o No mandatory rules o Emphasis on the future o Decisions based on detailed information - Financial o External things o Externally exposed rules o Info about firm as a whole o More self-contained The Value Chain - Design - Develop - Produce - Market - Deliver - Service Cost - Definition: amount of cash or cash equivalent sacrificed for goods and/or services that are expected to bring a current or future benefit to the organization - Accumulating Costs: the way the costs are measured and recorded - Assigning Costs: the way a cost is linked to a cost object - Cost Object: something for which a company wants to know the cost - Direct Costs: costs that can easily traced back to the cost object - Indirect Costs: costs that cannot be easily traced back to the cost object - Variable Costs: constant per unit o Based on production o
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