January 18-1 - Managerial Accounting 2102, January 18, 2010...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Managerial Accounting 2102, January 18, 2010 Chapter 1 Managerial Accounting: ~Internal accounting system ~Designed to support the information needs of managers ~Not bound by GAAP 3 Broad Objectives 1. To provide information for planning the organization's actions 2. To provide information for controlling the origination's actions 3. To provide information for making effective decisions. (this ones very important) Objective 2 > Explain the difference between financial accounting and managerial Targeted users: ~Financial: external users ~Managerial: internal users Restrictions: ~Financial: follow GAAP ~Managerial: no guidelines Types of information: ~Financial: produces objective and verifiable financial information ~Managerial: may be financial or on financial; much more subjective Time orientation ~Financial: reports on events that have already happened. ~Managerial: includes historical, but focuses on future Degree of Aggregation ~Financial: focuses on overall firm performance (a more aggregated viewpoint)
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 05/04/2011 for the course ACCOUNTING 2102 taught by Professor Wurst during the Spring '11 term at Temple.

Page1 / 2

January 18-1 - Managerial Accounting 2102, January 18, 2010...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online