ACC 312 Lecture Notes - Lecture 1: Cash Register, Financial Accounting Standards Board, Management Accounting

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Ch 1 the changing role of managerial accounting in a dynamic business. Communicating information in pursuit of an organization"s goals. Hires people: organized set of activities. How managerial accounting adds value to the organization (objectives) Measuring performance of subunits, activities, managers, and other. Providing information for decision making and planning. Assisting managers in directing and controlling activities. Motivating managers and other employees towards organization"s goals. Accounting system: accumulates financial and managerial accounting data in the cost accounting system, information for decision making, planning, and controlling an. Financial accounting (external users: published financial statements and other financial reports. Not required and unregulated, since it is intended only for. Required and must conform to generally accepted accounting. The organization"s basic accounting system, plus various other sources, such as rates of effective products manufactured, physical quantities of material and labor used in production, occupancy rates in hotels and hospitals, and average take off delays.

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