Mowen3e Ch01--Revised

Mowen3e Ch01--Revised - Chapter One Introduction to...

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Chapter One Introduction to Managerial Accounting
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Learning Objectives 1. Explain the meaning of managerial accounting 2. Explain the difference 3. between managerial accounting and financial accounting 4. Identify and explain the current focus of managerial accounting 5. Describe the role of managerial accountants in an organization 2
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Learning Objectives 1. Explain the importance of ethical behavior for managers and managerial accountants 2. Identify three forms of certification available to managerial accountants 3
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OBJECTIVE 1 Explain the meaning of managerial accounting.
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Managerial Accounting Internal accounting system Designed to support the information needs of managers Not bound by GAAP (Generally Accepted Accounting Principles) 5 Generally Accepted Accounting Principles
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Managerial Accounting 1. To provide information for planning the organization’s actions 2. To provide information for controlling the organization’s actions 3. To provide information for making effective decisions Three broad objectives: 6
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OBJECTIVE 2 Explain the difference between managerial accounting and financial accounting.
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Differences 8 Focuses on the external user Financial Accounting Management Accounting Focuses on the internal user Targeted Users
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Differences 9 Must follow GAAP Financial Accounting Management Accounting No guidelines that it must follow Restrictions
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Differences 10 Produces objective and verifiable financial information Financial Accounting Management Accounting May be financial or nonfinancial; much more subjective Types of Information
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Differences 11 Reports on events that have already happened Financial Accounting Management Accounting Includes historical events, but focuses on future events Time Orientation
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This note was uploaded on 05/04/2011 for the course ACCOUNTING 2102 taught by Professor Wurst during the Spring '11 term at Temple.

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Mowen3e Ch01--Revised - Chapter One Introduction to...

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