AFM102 Lecture 1: AFM 102 Week 1 Chapter 1
15 Jan 2017
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Week 1 chapter 1: managerial accounting and the business environment. The role of the management accountant in value creation. Form of accounting concerning providing information to managers for use in planning and controlling operations and for decision making. Compare actual results to plans and to benchmarks focusing on management performance. Decline in profitability of a product line. Decide whether to outsource some of the business operations. The work of managers and their need for managerial accounting information. Developing goals and specifying how to achieve them. Accompanied by a budget quantitative plan for acquiring and using financial and other resources over a specified future period. Prepared on an annual basis under the overall direction of the controller manager in charge of the accounting apartment. Detailed reports prepared on a periodic basis that compare budgeted data to actual data. Prepare detailed reports that managers need to make both day-to-day and long-term decisions. Prepare budgets to help direct resources toward the orga(cid:374)izatio(cid:374)"s goals.
