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ACCT TEST 3 STUDYGUIDE

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Department
Accounting
Course
ACCT 2000
Professor
All Professors
Semester
Fall

Description
CHAPTER14ManagerialAccountingAfieldofaccountingthatprovideseconomicandfinancialinformationformanagersandotherinternalusersManagerialAccountingappliestoonlybusinessesandorganizationsatruebfalsefalsealsoappliestononprofitsandprofitorientedcompaniesManagerialAccountingisresponsibleforaallmanagersbAllrolesofthecompanycStrategiccostmanagementdInformingmanagersofthecurrentbusinessenvironmentCstrategiccostmanagementManagerialAccountingDistinguishingFeaturesAppliestoalltypesofbusinessServiceMerchandisingandManufacturingAppliestoallformsofbusinessorganizationsProprietorshipsPartnershipsandCorporationsAppliestonotforprofitaswellasprofitorientedcompaniesChangedroleincollectingandreportingcoststomanagementasaresultofincreasinglyautomatedbusinessenvironmentNowmoreresponsibleforstrategiccostmanagementassistinginevaluatinghowwellresourcesareemployedbythecompanyAccountantsnowserveonteamswithpeoplefromproductionmarketingengineeringetcAidinmakingcriticalstrategicdecisionsManagerialandFinancialAccountingaresimilarinaTheybothdealwitheconomiceventsofabusinessbTheybothdeterminewhoisresponsibleforeconomiceventscTheybothrequirethateconomiceventsbequantifiesandcommunicatedtointerestedpartiesdBothaandcDBothaandcSIMILARITIESbetweenManagerialandFinancialAccountingBothmanagerialandfinancialaccountingdealwitheconomiceventsofabusinessThusinterestsoverlapBothrequirethateconomiceventsbequantifiedandcommunicatedtointerestedpartiesDeterminingunitcostispartofmanagerialaccountingReportingcostofgoodsmanufacturedisapartoffinancialaccountingDIFFERENCESbetweenManagerialandFinancialAccountingManagerialPrimaryUsersofReportsInternalUsersOfficersManagersTypesandFrequencyofReportsInternalReportsasfrequentasneededPurposeofreportsSpecialpurposeforspecificdecisionsContentofReportsSubunitsofthebusinessVerydetailedExtendsbeyonddoubleentryaccountingtoanyrelevantdataStandardisrelevancetodecisionsVerificationProcessNoindependentauditsFinancialPrimaryUsersofReportsExternalUsersstockholderscreditorsandregulatorsTypesandFrequencyofReportsFinancialstatementsquarterlyandannuallyPurposeofReportsGeneralPurposeContentofReportsPertainstobusinessasawholeHighlycondensedLimitedtodoubleentryaccountingandcostdataGenerallyacceptedaccountingprinciplesVerificationProcessAuditbyCPAWhatarethe3broadfunctionsofmanagementaDistinguishingPlanningandControllingbPlanningCompletingandDirectingcDistinguishingPlanningandCompletingdPlanningDirectingandControllingDPlanningDirectingandControlling
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