Chapter01 - MGT223H5S MANAGERIAL ACCOUNTING I Lecture #1...

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Unformatted text preview: MGT223H5S MANAGERIAL ACCOUNTING I Lecture #1 (Course Overview) Dr. Minlei Ye 1 Agenda Outline and Chapter One Introduction to Managerial Accounting 2 Learning Objectives Identify the major differences between financial and managerial accounting. List the functions of managers. Understand Strategy. Understand the role of management accountants in an organization. Explain the nature and importance of ethics for accountants. 3 Comparison of Financial and Managerial Accounting Financial Accounting Managerial Accounting 1. Users External persons who Managers who plan for make financial decisions and control an organization 2. Time focus Historical perspective Future oriented 3. Emphasis Objectivity and Relevance for verifiability planning and control 4. Importance Precision of Timeliness of information information 5. Subject focus Summarized data for Detailed segment reports the whole organization of an organization 6. GAAP Must follow GAAP Need not follow GAAP and prescribed formats or any prescribed format 7. Requirement Mandatory for Not external reports Mandatory 4 Work of Management Planning Controlling Directing and Motivating 5 Planning and Control Cycle...
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Chapter01 - MGT223H5S MANAGERIAL ACCOUNTING I Lecture #1...

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