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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 emphasis on emphasis on presented segments total company 4. Nonmonetary Emphasized Not emphasized information 5. Time focus Future oriented Basically historical
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