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ACCOUNTING AS A TOOL FOR MANAGEMENT 1 Chapter © Tis c he nko I rina / S h ut t e rs t oc k © js nyd erd e s ig n/ S t o c k p ho t o ©aopsan/Stockphoto ©pe t e k a r i c i / S to ck photo ©petek ar i c i /S to c k photo
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What is Managerial Accounting? Unit 1.1
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In simpler terms… 1.1 Unit
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Financial and Managerial Accounting: Seven Key Differences
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What do managers do? 1.1 Unit Planning Controlling Evaluating Decision Making
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Planning is… 1.1 Unit What: Setting strategic and operational goals and objectives Translating these into specific activities Allocating resources for their achievement Who: Upper and middle managers When: Strategic: annually, with a 5 to 10 year horizon Operational: monthly, quarterly, or annually
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Managerial Accounting Activities: Supply Chain Management Majors How much should we budget for next period’s utility expense? How many units should we plan to produce next period?
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