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ACC 410 (34)
Chapter 1

chapter 1 notes

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Department
Accounting
Course
ACC 410
Professor
Maurizio Di Maio
Semester
Summer

Description
Chapter 1 Chapter Overview Four main purposes of this chapter: 1. Describe the nature of managerial accounting to provide internal accounting information to support the work of managementplanning, directing and motivating, and controlling. 2. Explains the role of management accountants in an organization. 3. To details how globalization and increased competition in the business environment have caused companies to undergo improvement programs such as o Just-In-Time (JIT) to reduce inventory, o Total Quality Management (TQM) to increase customer satisfaction, o Process Reengineering to change systems, and the o Theory of Constraints (TOC) to focus attention on constraints. 4. It discusses the importance of upholding ethical standards. 1. 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. Regardless of type focus on two points about any organization: 1. An organization consists of people who are brought together for some common purpose. 2. People work together in an organization in order to attain some goal(s) or objective(s). The work of managers can be usefully classified into three major categories: 1) planning, 2) directing and motivating, and 3) controlling, and all of these activities involve making decisions. 1. Planning consists of strategic planning and developing more detailed short-term plans. 2. Directing and motivating involves mobilizing people to implement the plan. 3. Control is concerned with ensuring that the plan is followed. 4. Decision-making is an important part of ALL of the other three management activities. www.notesolution.com
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