ch01 - Chapter 1 - Objectives 1. The primary goal of...

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    Chapter 1 - Objectives 1. The primary goal of managerial accounting 2. Budget use in planning (Ilustration1-1) 3. Performance reports and control 4. Define cost terms 6 . T wo key ideas in managerial accounting.
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    Objectives (continued) 7. Impact of information technology 8. Framework for ethical decision making 9. Duties of the controller, the treasurer, the CIO and the CFO
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    Goal of Managerial Accounting 1. Planning (i.e. budgets) 2. Control (i.e. performance reports) 3. Decision Making Provide managers with the information they need for:
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    Planning and Control Process
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      Illustration: Performance Report Budget Actual Budget minus Actual Production 100,000 units 100,000 units Materials $125,000 $140,000 ($15,000) Labor 150,000 145,000 5,000 Rent 40,000 40,000 0 Depreciation 60,000 60,000 0 Other 75,000 70,000 5,000 Totals $450,000 $455,000 ($5,000)
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    Managerial vs. Financial  Accounting Managerial Financial 1. Users Internal External 1. GAAP May deviate Must comply 3. Focus of More detailed Summarized information
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This note was uploaded on 04/09/2008 for the course ACG 2071 taught by Professor Sumbiznatch during the Summer '06 term at University of Florida.

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ch01 - Chapter 1 - Objectives 1. The primary goal of...

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