Man Accounting Ch 1 - M anagerial Accounting Chapter 1 Int roduction to Managerial Accounting The Meaning of Managerial Accounting Definition the

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Managerial Accounting Chapter 1- Introduction to Managerial Accounting The Meaning of Managerial Accounting Definition: the provision of accounting information for a company’s internal users Not bound by any formal criteria such as GAAP 3 broad objections o To provide info for planning the organizations actions o To provide infor for controlling the organizations actions o To provide info for making effective decisions Difference between managerial accounting and financial accounting: Financial accounting is concerned with producing information for external users, including investors, creditors, customers, suppliers, government agencies and labor unions Managerial accounting produces information for internal users such as managers, exectives, and workers Managerial Accounting Financial Accounting 1. Internally focused 2. No mandatory rules 3. Financial and non financial information; subjective info possible 4. Emphasis on the future 5. Internal evaluation and decisions
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This note was uploaded on 02/03/2010 for the course H ADM 121 at Cornell University (Engineering School).

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Man Accounting Ch 1 - M anagerial Accounting Chapter 1 Int roduction to Managerial Accounting The Meaning of Managerial Accounting Definition the

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