MANAGERIAL ACCOUNTING.docx - MANAGERIAL ACCOUNTING 1 Financial Accounting Vs Managerial Accounting Managerial Accounting It is the process of

MANAGERIAL ACCOUNTING.docx - MANAGERIAL ACCOUNTING 1...

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MANAGERIAL ACCOUNTING 1. Financial Accounting Vs. Managerial Accounting Managerial Accounting It is the process of identifying, measuring, analyzing, interpreting and communicating information to achieve organizations goals. The owners, directors or trustees of an organization set its goals, and generally with the help of the management team. Management team seeks to create value of the organization by managing resources, activities and people to achieve the organization’s goal effectively. Managerial accounting provides tools and perspectives that help managers accomplish this. Managerial accounting activity helps managers in their day-to-day work through o Providing information for decision making and planning Example: adding new branch (cost and benefit) o Assisting managers in Directing and controlling operational activities Example: Directing-management need data about the customer food service demand and make sure that appropriate staffing is in place
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