Managerial Accounting

Managerial Accounting - Managerial Accounting Chapter 1 1....

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Managerial Accounting Chapter 1 1. Managerial Accounting: provides economic/financial info for managers/internal users. Managerial accountants collect/report costs to management, evaluate how efficiently the co uses resources, and provides info to cross-functional teams (personnel from production, operations, marketing, engineering, and quality control) a. Used in all types of businesses (service/merchandising/manufacturing) b. Used in all forms of business organizations (proprietorships/partnerships/corporations) c. Profit and non-profit d. Differences from Financial: d.i. Primary users of reports d.ii. Types and frequency of reports d.iii. Purpose of reports d.iv. Content of reports d.v. Verification process e. Functions: 3 broad functions e.i. Planning requires managers to look ahead and establish objectives e.ii. Directing involves coordinating a company’s diverse activates and human resources to produce a smooth-running operation e.iii. Controlling is the process of keeping the firm’s activates on track 2. Organizational Structure: organization charts show interrelationships of activities and the delegation of authority/responsibility with the co a.i. Stockholders own the corporation a.ii. Board of directors manages the company a.iii. CEO has overall responsibility for management
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Managerial Accounting - Managerial Accounting Chapter 1 1....

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