Managerial Accounting - Chapter 1.docx - MANAGERIAL ACCOUNTING CHAPTER 1 Introduction to Managerial Accounting Financial Accounting and Managerial

Managerial Accounting - Chapter 1.docx - MANAGERIAL...

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MANAGERIAL ACCOUNTING – CHAPTER 1 Introduction to Managerial Accounting Financial Accounting and Managerial Accounting o Managerial accounting = Internal accounting o Financial accounting = External accounting o Managerial Accounting Identifies, collects, measures, classifies, and reports financial and nonfinancial information to internal users in planning, controlling, and decision making. Planning o The detailed formulation of action to achieve a particular end is the management activity called planning. o Planning: setting objectives identifying methods to achieve those objectives Example: improve quality supplier evaluation program Controlling o The managerial activity of monitoring a plan’s implementation and taking corrective action as needed is controlling Compare: actual performance  expected performance Decision Making o The process of choosing among competing alternatives is called decision making Competing alternative #1 ?????
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