ACCT 2550 Study Guide - Final Guide: Standard Cost Accounting, Target Costing, Deutsche Luft Hansa
Document Summary
Managerial accounting: chapter 1- an introduction to managerial accounting. Managerial accounting: accounting branch that is concerned with providing info for managers to use in the planning, directing and motivating and controlling within the organization. The management cycle and the need for managerial accounting. 3 types of orgs: service, merchandising and manufacturing; all of which have a mission, vision and strategies for achieving the mission and vision. Managerial accounting systems are designed to provide relevant info to assist managers in managing process & activities aimed at achieving the mission & vision. Strategy: needed to achieve long term goals and objectives to succeed in the mp, driven for mission and vision. It pertains to the general direction in which an org plans to move to achieve its goals and objectives. Guided by the mission, vision and strategy, managers carry out the 3 main activities of planning, implementation and control.
