[BUS 254] - Midterm Exam Guide - Ultimate 41 pages long Study Guide!

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 254
• Professor: Michelle Iorio

Document Summary

Chapter 1: the changing role of managerial accounting. Managerial accounting: the process of identifying, measuring, analyzing, interpreting, and communicating information in pursuit of an organization"s goals: an integral part of the management process. Managerial accounts serve as internal business consultants: work side by side on cross-functional teams with managers from all areas of the organizations. Management teams seek to create value by managing resources, activities, and people to achieve goals effectively. In pursing goals, an organization acquires resources, hires people, an then engages in activities. Managers get info from a variety of sources (economists, financial experts, marketing and production staff, organization"s managerial accounting system, etc. ) Objectives of managerial accounting activity: providing information for decision making and planning, and proactively participating as part of the management team in the decision-making and planning process, ex. Reviewing estimates of costs, budgets, etc: assisting managers in directing and controlling operational activities, ex.