BUS 254 Lecture Notes - Lecture 1: Chief Executive Officer, Management Accounting, Certified General Accountant

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 254
• Professor: Steve Gibson

Document Summary

Financial accounting focuses on form and content of financial statements for external users of financial information, such as shareholders and creditors. Managerial accounting focuses on the preparation of reports for internal users of financial information, such as managers and officers of a company. Managerial accounting/ management accounting: a field of accounting that provides economic and financial information for managers and other internal users. Managerial accounting applies to all types of businesses and all forms of business organizations. Managerial accountants were primarily engaged in cost accounting: collecting and reporting costs to management. Now, they are also responsible for strategic cost management, that is, help management evaluate how well the company is employing its resources. There are both similarities and differences between managerial and financial accounting. Both fields deal with the economic events of a business their interests overlap. Both require that a company"s economic events be quantified and communicated to interested parties.