managerial_accounting_student_Fall_2011

managerial_accounting_student_Fall_2011 - Managerial...

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Managerial Accounting
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Managerial Accounting Basics A field of accounting that provides economic and financial information for managers and other internal users . Also called Management Accounting Definition of Managerial Accounting
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Managerial vs Financial Constraints None GAAP Time Horizon Present/Future Past Focus Internal reporting External Reporting Parts/Segments Whole
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Comparing Managerial and Financial Accounting Differences
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Managerial Accounting Basics Management’s activities and responsibilities can be classified into the following three broad functions: Planning Directing Controlling Management Functions SO 2 Identify the three broad functions of management.
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Management Functions Look ahead and establish objectives such as – Maxim ize  s ho rt-te rm  pro fit and                                           market share Commit to environmental protection and social  programs Key Objective: Add value to the business Value m e as ure d by trading  pric e  o f s to c k and by po te ntial  s e lling  pric e  o f the  c o m pany Planning SO 2 Identify the three broad functions of management.
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Management Functions Coordinate diverse activities and human resources Implement planned objectives Provide incentives to motivate employees Hire and train employees including executives, managers, and supervisors Produce smooth-running operation Directing SO 2 Identify the three broad functions of management.
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Management Functions Process of keeping activities on track Determine whether goals are met Decide changes needed to get back on track May use an informal or formal system of evaluations Decision making is not a separate management function, but the outcome of the exercise of good judgment in planning, directing, and controlling.
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