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Canada (158,052)
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ACC 406 (128)
Chapter 1

Chapter 1 - Introduction to Management Accounting

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Ryerson University
ACC 406
Vincent Cappelli

thWednesday January 11 2012 Chapter 1 Introduction to Management Accounting What is Managerial Accounting managerial accounting is providing information for a companys internal users it is the firms internal accounting system it is designed to support the information that managers need it is not bound by any formal criteria such as GAAP or IFRS International Financial Reporting Standards managerial accounting has 3 basic objectives 1 Provide information for planning the organizations actions 2 Provide information for controlling the organizations actions 3 Provide information for making effective decisionsInformation Needs for Planning Control and Decision Making managerial accounting information is needed by a number of individuals in particular managers and empowered workers need comprehensive up to date information for the following activitiesPlanning requires setting objectives and identifying methods to achieve those objectivesEX a firm may set the objectives of increasing its short term and long term profitability by improving the overall quality of its productsControlling monito
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