MALNBREWER1-1 - MANAGEMENT ACCOUNTING Providing information...

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Unformatted text preview: MANAGEMENT ACCOUNTING Providing information for managers for use in Planning Directing and motivating employees, and Controlling operations Setting strategy/strategic plans/objectives Where will we be active? How will we get there? How will we win in the marketplace? What will be our speed and sequence of moves? How will we obtain a return on investments? Requires knowledge of both the external and internal environments. Planning Select a course of action and how the action will be implemented. Planning is essential for selecting and implementing a strategy. Directing and motivating Plans must be communicated to workers. Performance evaluation should be linked to plans. Performance review and evaluation can have a positive Or negative impact. Controlling In order to judge how plans are being implemented requires information. Feedback information is essential to assessing whether the firm is on track to achieve its objectives The planning and control cycle: Planning Decision making Controlling Directing & Motivating Timely relevant information such as budgets, cost reports, & variance analyses are part of what management accounting can contribute. Characteristics of Management Accounting Information 1. Future Oriented Interested in the present and future as distinct from Financial Accounting which provides information about past transactions. 2. Relevant and Flexible2....
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This note was uploaded on 11/04/2011 for the course ACTG ACTG1p11 taught by Professor Brown during the Fall '11 term at Brock University.

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MALNBREWER1-1 - MANAGEMENT ACCOUNTING Providing information...

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