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  • Chapter One: Introduction To Managerial Accounting

    Transféré par

    geclear323
    70 vues14 pages
    This document provides an introduction to managerial accounting, including discussing the internal and external users of accounting information and how it differs based on the user. It describes the role of the managerial accountant as analyzing and interpreting accounting information rather than preparing it to assist management with decision making. It also summarizes the key management activities of planning, directing, and controlling, as well as discussing concepts like professional ethics, total quality management, and other management issues that impact accounting.

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    acg2071chapter1

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    This document provides an introduction to managerial accounting, including discussing the internal and external users of accounting information and how it differs based on the user. It describes the role of the managerial accountant as analyzing and interpreting accounting information rather than preparing it to assist management with decision making. It also summarizes the key management activities of planning, directing, and controlling, as well as discussing concepts like professional ethics, total quality management, and other management issues that impact accounting.

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    Attribution Non-Commercial (BY-NC)
    Téléchargez comme PPT, PDF, TXT ou lisez en ligne sur Scribd
    Signaler comme contenu inapproprié
    70 vues14 pages

    Chapter One: Introduction To Managerial Accounting

    Transféré par

    geclear323
    This document provides an introduction to managerial accounting, including discussing the internal and external users of accounting information and how it differs based on the user. It describes the role of the managerial accountant as analyzing and interpreting accounting information rather than preparing it to assist management with decision making. It also summarizes the key management activities of planning, directing, and controlling, as well as discussing concepts like professional ethics, total quality management, and other management issues that impact accounting.

    Droits d'auteur :

    Attribution Non-Commercial (BY-NC)
    Téléchargez comme PPT, PDF, TXT ou lisez en ligne sur Scribd
    Signaler comme contenu inapproprié
    sur 14

    Chapter One

    Introduction to Managerial Accounting

    ACG 2071 - Fall 2010

    External Users of Accounting Information


    Shareholders Creditors

    Potential Investors
    Government Agencies (IRS, SEC, etc.)

    ACG 2071 - Fall 2010

    Internal Users of Accounting Information


    Employees Managers

    ACG 2071 - Fall 2010

    Accounting Information for External Users


    Guided by rules (GAAP, IFRS, tax code, etc.) Generally not flexible Historical Information Emphasis on organization as a whole

    ACG 2071 - Fall 2010

    Accounting Information for Internal Users


    No rules, geared to specific company Flexible and timely

    Forward-looking, concerned with future


    Emphasis on business segments

    ACG 2071 - Fall 2010

    The Role of the Managerial Accountant


    No Longer Bean Counters Analyze and interpret accounting information (not prepare) Assists management in the decision making process

    ACG 2071 - Fall 2010

    Management Activities What Managers Do


    Decision Making Planning

    Directing (related to operational activities)


    Controlling

    ACG 2071 - Fall 2010

    Planning Activities
    Develops company objectives and goals Short-term (operational) planninggoals for less than one year Long-term (strategic) planning goals for more than one year Often use budgets and pro-forma financial statements
    ACG 2071 - Fall 2010 8

    Directing Activities
    Decisions made by managers related to running the day to day operations of a business. Examples include preparing work schedules, purchasing decisions, pricing decisions, small decisions effecting customers, etc.
    ACG 2071 - Fall 2010 9

    Controlling Activities
    To make sure goals are met Monitor and evaluate organizational performance Examples include performance reports which compare budgeted vs. actual information

    ACG 2071 - Fall 2010

    10

    Key Concept
    Never make decisions with just the numbers! Always consider non-numerical (qualitative) information.

    ACG 2071 - Fall 2010

    11

    Professional Ethics in Accounting


    Competence Confidentiality

    Integrity
    Credibility

    ACG 2071 - Fall 2010

    12

    Total Quality Management - a


    Focus on Quality
    Meeting or exceeding customers expectations...

    Product performs as it is intended. Product be reliable and durable. Examine business functions to eliminate defects and waste.

    ACG 2071 - Fall 2009

    13

    Other Management Issues


    Sarbanes-Oxley more responsibility for accuracy of financial statements. Economy shift less manufacturing, more service businesses. Issues with globalization Impact of e-commerce

    ACG 2071 - Fall 2010

    14

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