Managerial_accountants._primary_responsibilities - Ch One....

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Ch One. Source: Bamber, Managerial Accounting 1e 2008. Ch one PowerPoint file. Managerial accounting helps managers fulfill their four primary responsibilities: Planning, Directing, Controlling, and Decision Making. Managerial accounting provides information to internal users; this will help managers direct, plan, control and make decisions that impact the company. Financial accounting addresses external users and is geared towards making investment and lending decisions. In order to address these needs, managerial accounting provides internal reports useful to management, while financial accounting provides general purpose financial statement, as determined by GAAP. Managerial report data must be relevant to the decisions that company management is required to make; financial report data, initially based on historical transactions, must be reliable and objective. Managerial reports, prepared as needed, are verified by an internal audit. Financial reports, however, are provided quarterly and annually, and are verified by external auditors. Finally, managerial reports–which do not have any formal legal information requirements–
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This note was uploaded on 09/10/2011 for the course ACCT 101 taught by Professor Kang during the Spring '08 term at S.F. State.

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Managerial_accountants._primary_responsibilities - Ch One....

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