ADMN 3021H Lecture Notes - Lecture 1: Double-Entry Bookkeeping System, Management Accounting, Financial Accounting

• School: Trent University
• Department: Business Administration
• Course: ADMN 3021H
• Professor: Jaime Morales

Document Summary

Lecture 1 managerial accounting - tools for business decision making. Learning objectives: explain the distinguishing features of managerial accounting. Identify the three broad functions of management and the role of management accountants in an organizational structure: explain the importance of business ethics. Definition of managerial accounting: a field of accounting that provides economic and financial information for managers and other internal users; also called management accounting. Pertains to business as a whole, highly aggregated (condensed), limited to double entry accounting and cost data, generally accepted accounting principles. Pertains to subunits of the business, very detailed, extends beyond double entry accounting to any relevant data, standard is relevance to decisions. Management"s activities and responsibilities can be classified into the following three broad functions: planning, directing, controlling. Establish objectives such as: maximize short-term profit and market share, commit to environmental protection, contributing to social programs.