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accountinginformationandethicsACC200

accountinginformationandethicsACC200 - Chapter Objectives...

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Chapter Objectives – Accounting Information and Managerial Decisions Describe the uses and users of accounting information Contrast financial and managerial accounting and distinguish between the information needs of external and internal users Describe the three primary activities of managers and the three primary functional areas of an organization Explain the role of the managerial accountant Describe and apply the decision-making role of managers Apply a basic four-step decision-making model Evaluate the role of relevant factors in decision making
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External Stockholders Potential Investors Creditors Government Agencies Suppliers Customers Internal Employees Employee Teams Departments Regions Top Management Financial Accounting Managerial Accounting Users of Accounting Information
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Information Needed by Internal vs. External Users More flexible Geared to specific company Doesn’t have to meet requirements of SEC, GAAP, IRS Forward-looking, emphasizing the future rather than the past More timely, may sacrifice accuracy Emphasizes segments of an organization rather than the company as a whole
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The Functional Areas of Management The Operations and Production Function The Marketing Function The Finance Function The Human Resource Function
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