ACC 406 Chapter 1: Chapter 1

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pearsquirrel474

6 Feb 2012

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Acc 406 chapter 1 -- introduction to managerial accounting. Managerial accounting: is the provision of accounting information for a company" s internal users; the firms internal accounting system designed to support infor mation needs of managers. Three main objectives: 1) to provide information for planning the organ izations actions n for controlling the organizaions actoins: to provide informatio, to provide informatio n for making effective decisions. Corporate sustainability reports (csr): reports to manage firms reputation so it is not released by other sources (ex. social responsibility reports, citizenshi p reports, etc) Managers or empowered employees need comprehensive, up-to-date information for: planning, controlling, decision making. Planning: requires setting objectives and identifying methods to achieve those o bjectives; develop specific methods to increase profitability. Controlling: is achieved by comparing actual performance with expected performan ce; based on feedback, manager, may decide to let plan continue or take correcti ve action.

Related Questions

You will explore the profession of accounting, from theperspective of managerial accounting work and careers. Below issome information that can get you started, though you will need todo some additional research on your own. You can use the library,the Internet or interview a managerial accountant to accessadditional information. Create a written document in the properform that includes the following: What is managerial accounting?What is the difference between managerial and financial accounting?Who are the users of financial accounting and managerial accountinginformation? How is managerial accounting information used to makedecisions? Identify some different jobs someone with a managerialaccounting education/experience can engage in. What is the IMAStatement of Ethical Practice and how does it impact the behaviorof an accounting professional? Describe the CMA certification forManagerial Accounting Professionals.

Exercise 10-1 Identifying financial versus managerial accountingitems LO 10-1 Required Indicate whether each of the following itemsis representative of managerial or of financial accounting:Information is factual and is characterized by objectivity,reliability, consistency, and accuracy. Information is reportedcontinuously and has a current or future orientation. Informationis provided to outsiders, including investors, creditors,government agencies, analysts, and reporters. Information isregulated by the SEC, FASB, and other sources of GAAP. Informationis based on estimates that are bounded by relevance and timeliness.Information is historically based and usually reported annually.Information is local and pertains to subunits of the organization.Information includes economic and nonfinancial data as well asfinancial data. Information is global and pertains to the companyas a whole. Information is provided to insiders, includingexecutives, managers, and employees.

Managerial accounting reports could not be described as

a. relevant to the decision being made.

b. reports issued as frequently as the need arises.

c. providing general-purpose information for all users.

d. internal reports.

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ACC 406 Chapter 1: Chapter 1

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