Textbook Notes (368,795)
Canada (162,165)
Accounting (533)
ACC 406 (130)
Chapter 1

Chapter 1

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Department
Accounting
Course
ACC 406
Professor
Vincent Cappelli
Semester
Winter

Description
ACC 406 Chapter 1Introduction to Managerial AccountingTHE MEANING OF MANAGERIAL ACCOUNTINGManagerial Accounting Is the provision of accounting information for a companys internal users the firms internal accounting system designed to support information needs of managersIs not bound any formal criteriaThree main objectives 1 To provide information for planning the organizations actions2 To provide information for controlling the organizaions actoins3 To provide information for making effective decisionsCorporate Sustainability Reports CSR Reports to manage firms reputation so it is not released by other sources ex social responsibility reports citizenship reports etcINFORMATION NEEDS OF MANAGERS AND OTHER USERSManagers or empowered employees need comprehensive uptodate information for1 Planning2 Controlling3 Decision MakingPlanning requires setting objectives and identifying methods to achieve those objectives develop specific methods to increase profitabilityControlling is achieved by comparing actual performance with expected performance based on feedback manager may decide to let plan continue or take corrective actionDeci
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