Accounting Exam 1 Notes

Accounting Exam 1 Notes - CHAPTER 1 MANAGERIAL ACCOUNTING:...

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C HAPTER 1 M ANAGERIAL A CCOUNTING : A N O VERVIEW Financial Accounting - concerned with reporting financial information to external parties, such as stockholders, creditors, and regulators. Serves the needs of those outside the organization. Managerial Accounting - concerned with providing information to managers for use within the organization. Serves the needs of managers employed inside the organization. Accounting Recording Estimating Organizing Summarizing Financial Accounting Managerial Accounting Reports to those outside the organization: -Owners -Creditors -Tax Authorities -Regulators Emphasizes financial consequences of past activities Emphasizes precision. Emphasizes companywide reports Must follow GAAP/IFRS Mandatory for external reports. Reports to managers inside the organization for: -Planning -Controlling -Decision Making Emphasizes decisions affecting the future Emphasizes relevance Emphasizes timeliness. Emphasizes segment reports.
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This note was uploaded on 10/19/2011 for the course ACCTG 222 taught by Professor Silvers during the Spring '11 term at UMass (Amherst).

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Accounting Exam 1 Notes - CHAPTER 1 MANAGERIAL ACCOUNTING:...

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