ch01gw1 - Chapter 1 Management Accountants: Their Vital...

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Chapter 1 Management Accountants: Their Vital Role in Strategic and Operating Decisions
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How Cost Accounting Supports Decisions Financial/Economic events and transactions are processed into useful information Accounting systems organize information into reports and statements Managers use accounting information to: 1. Administer activities and functional areas 2. Coordinate activities within the entire organization 3. Control 4. Performance evaluation With help from cost accountant/manager
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Cost Accounting Measures and reports financial and non-financial information Relates to cost of acquiring or utilizing resources in an organization Uses various techniques to provide reliable estimates of product cost [present and future] Provides information for management accounting and financial accounting
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Managerial and Financial Accounting Comparison Exhibit 1.1 pg. 3 Managerial Financial Purpose Help Managers Make  Decisions Communicate Financial  Position Primary Users Internal Managers External Users Focus
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This note was uploaded on 01/07/2012 for the course ECON/AFM 201 taught by Professor Etc. during the Spring '11 term at Waterloo.

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ch01gw1 - Chapter 1 Management Accountants: Their Vital...

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