AFM102 Chapter Notes - Chapter 1-8: The Keg, Management Accounting, Cisco Systems

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Document Summary

Chapter 1: managerial accounting and the business environment. The role of the management accountant in value creation. Managerial accounting: form of accounting concerned with providing information to managers for use in planning & controlling operations, & for decision making. Financial accounting: form of accounting concerned with providing information to external users. The work of managers and their need for managerial accounting information. Planning: developing objectives & preparing budgets to achieve these objectives. Budget: quantitative plan for the acquisition & use of financial & other resources over a specified future time period. Prepared under direction of controller (manager in charge of acct dept in an organization) Directing & motivating: mobilizing people to carry out plans & run routine operations. Controlling: ensuring that the plan is actually carried out & is appropriately modified as circumstances change. Feedback: accounting & other reports that help managers monitor performance & focus on problems and/or opportunities that might otherwise go unnoticed.

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