ACTG 2020 Chapter 1 Intro to Managerial Accounting .docx

ACTG 2020 Chapter 1 Intro to Managerial Accounting .docx -...

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ACTG 2020 – Chapter 1: Introduction to Managerial Accounting What is Managerial Accounting? - Managerial accounting: is the provision of accounting information for a company’s internal users. o Not bound by any formal criteria like GAAP or IFRS - 3 objectives of managerial accounting: o Provide information of planning the organizations’ actions (planning) o Provide information for controlling the organizations actions (controlling) o To provide information for making effective decisions (decision-making) - Planning requires setting objectives and identifying methods to achieve those objectives - Controlling : monitoring a plan’s implementation and taking corrective action as needed o compare actual performance with expected performance - Decision making: process of choosing among competing alternatives Comparison of Managerial and Financial Accounting - Financial Accounting : primarily concerned with producing information for external users o Investors, creditors, customers, suppliers and government agencies o
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