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Handout-Ch. 1 _1, BUS 121

Handout-Ch. 1 _1, BUS 121 - BUS 121 Managerial Accounting...

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BUS 121 - Managerial Accounting Chapter 1: Introduction to Managerial Accounting I. The Organization and the Work of Management A. Made up of people; hired to work together to attain goals. B. Strategic plan is drafted which flows from goals to objectives. C. The work of management in the organization: 1. Planning. 2. Directing and Motivating. 3. Controlling. a. Measuring and evaluating performance. b. Use of Feedback. II. Comparison: Financial vs. Managerial Accounting A. Financial Accounting: Outside Reporting ; Managerial Accounting: Internal Reporting . B. Financial Accounting: Historical; Managerial Accounting: Emphasis on the Future. C. Financial Accounting: Reporting is strict, according to GAAP; Managerial Accounting: Reporting is flexible, useful in analysis and decision-making. Emphasis on relevance of the information. III. Organizational Structure and Need for Information A. An evolving emphasis of “decentralization” in decision-making; close to the source.
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