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CH01 - The Manager and Management Accounting Accoun&ng...

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The Manager and Management Accounting
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Accoun&ng Discipline Overview ± What is Financial Accounting? ± What is Managerial Accounting? ± What is Cost Accounting?
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Accoun&ng Discipline Overview ± Financial Accounting—measures and records business transactions and provides fnancial statements to external users including investors, creditors, and governmental agencies. ± Managerial Accounting—measures, analyzes, and reports fnancial and nonfnancial in±ormation to help managers make decisions to ±ulfll organizational goals. ± Cost Accounting—measures, analyzes, and reports fnancial and nonfnancial in±ormation relating to the costs o± acquiring or using resources in an organization.
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Major Diferences Between Financial and Managerial Accoun&ng Managerial Accounting Financial Accounting Purpose Decision making Communicate fnancial position to outsiders Primary Users Internal managers External users Focus/Emphasis Future-oriented Past-oriented Rules Do not have to ±ollow GAAP; cost vs. beneft
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