COMM 305 Chapter Notes - Chapter 1: Chief Executive Officer, Internal Audit, Corporate Title
11 Jan 2017
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Document Summary
Managerial (management) accounting - field of accounting providing eco. economic & financial info for managers and other internal users. Managerial accountants used to only cost account (collect/report costs to mgmt) Now responsible for strategic mgmt (help mgmt evaluate how well company employing its resources) Both deal with economic events of business. Managerial: determines unit cost of manufacturing product. Financial: reporting total cost of goods manufactured. Both require that company"s economic events be quantified and communicated to interested parties eature. Extends beyond double-entry accounting to any relevant data. Managers" activities and responsibilities include: planning, directing, controlling. Planning: makes mgmt look ahead and establish objectives. Directing: coordinating company"s diverse activities and hr to produce smoothly running operation. Controlling: process of keeping the company"s activities on track. Organization charts show interrelationships of activities and delegation of authority and responsibility w/in company and help in carrying out mgmt f(x)s.
