fi3 - WhatisManagerialAccounting?...

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What is Managerial Accounting? Contrast between financial and  managerial accounting: Financial accounting (keeping books,  financial statements, audits, etc.)— reporting to external parties Managerial accounting—(budgeting,  department reports, production reports,  etc.)—needs of internal parties 
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Contrast between Financial and  Managerial Accounting (cont.) Financial accounting Focus on past—”results of operations” Based on GAAP Mandatory reporting with prescribed format  (income stmt, balance sheet, etc.) Managerial accounting Focus on past, present and future (budgeting,  planning, controlling, etc.) No constraining standards or requirements— whatever management needs
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Role of the Controller: Chief accounting officer, responsible for reporting  and interpreting data needed in management  decision-making
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This note was uploaded on 02/11/2011 for the course ACG 2071 taught by Professor Sumbiznatch during the Spring '06 term at University of Florida.

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fi3 - WhatisManagerialAccounting?...

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