Chapter 1 Notes

Chapter 1 Notes - vi Teams with people from production 1 Marketing engineering etc vii Aid in making critical strategic decisions 2 Comparing

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Chapter 1 Notes 1. Managerial Accounting Basics a. Distinguishing Features i. Applies to all types of business - 1. Service, Merchandising, and Manufacturing ii. Applies to all forms of business organizations – 1. Proprietorships, Partnerships, and Corporations iii. Applies to not-for-profit as well as profit-oriented companies iv. Changed role in collecting and reporting costs to management as a result of increasingly automated business environment v. Now more responsible for strategic cost management – assisting in evaluating how well resources are employed by the company.
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Unformatted text preview: vi. Teams with people from production 1. Marketing, engineering, etc. vii. Aid in making critical strategic decisions 2. Comparing Managerial and Financial Accounting a. Similarities i. Both managerial and financial accounting deal with economic events of a business – 1. Thus, interests overlap ii. Both require that economic events be quantified and communicated to interested parties – 1. Determining unit cost is part of managerial accounting, 2. Reporting cost of goods manufactured is a part of financial accounting b. Differences i....
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This note was uploaded on 04/10/2008 for the course AC 12 taught by Professor Caster during the Spring '08 term at Fairfield.

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Chapter 1 Notes - vi Teams with people from production 1 Marketing engineering etc vii Aid in making critical strategic decisions 2 Comparing

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