MGAB03H3 Study Guide - Management Accounting, Financial Accounting
Document Summary
The role of the management accountant in value creation. Managerial accounting is concerned with providing information to managers that is, people inside an organization who direct and control its operations. In contrast, financial accounting is concerned with providing information to shareholders, creditors, and others who are outside an organization. Managerial accounting provides data that help organizations run more efficiently. Financial accounting provides the scorecard by which a company"s past performance is judged. The work of managers and need for managerial accounting information. Planning; involves selecting a course of actions and specifying how the action will be implemented. Directing and motivating; involve mobilizing people to carry out plans and run routine operations. Controlling; involves ensuring that the plan is actually carried out and is appropriately modified as circumstances change. A strategy is a game plan that enables a company to attract and retain customers by distinguishing itself from competitors.
