GEO 509 Chapter 1: Chapter 1
Document Summary
Managerial accounting: the form of accounting concerning providing information to managers for use in planning and controlling operations and for decision making. Financial accounting: the form of accounting concerning providing information to shareholders, creditors, and others outside the organization. The work of managers and their need for managerial accounting information: Planning: developing goals and specifying how to achieve them. Directing and motivating: mobilizing people to carry out plans and run routine operations. Controlling: gathering feedback to ensure that the plan is being properly executed or modified as necessary. Decision making: selecting a course of action from among alternatives. Budget: a quantitative plan for acquiring and using financial and other resources over a specified future time period. Controller: the manager in charge of the accounting department in an organization.