ACC 410 Chapter 1: chapter 1 notes
14 May 2011
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Document Summary
Four main purposes of this chapter: describe the nature of managerial accounting to provide internal accounting information to support the work of management planning, directing and motivating, and controlling. 3. caused companies to undergo improvement programs such as. Explains the role of management accountants in an organization. To details how globalization and increased competition in the business environment have o o o o. Total quality management (tqm) to increase customer satisfaction, Theory of constraints (toc) to focus attention on constraints. It discusses the importance of upholding ethical standards: managerial vs. financial accounting. Financial accounting is concerned with reports to owners, creditors, and others outside of the firm. Managerial accounting is concerned with reports prepared for the internal use of management. The types of organizations in which managers operate is varied and include: sole proprietorships, partnerships, corporations, as well as churches, cities, military units, social clubs, foundations, and families.
