MGAB03H3 Chapter : Managerial Accounting Notes.vs2.docx
Document Summary
Description of what manager"s do and how managerial accounting can serve these needs. The chapter will highlight the key differences between financial and managerial accounting. The importance of ethics for accountants is also covered, and several basic managerial concepts important in today"s organizations are discussed. The role of the management accountant in value creation. Managerial accounting is concerned with providing information to managers that is, people inside an organization who direct and control its operations. In contrast, financial accounting is concerned with providing information to shareholders, creditors, and others who are outside an organization. Managerial accounting provides data that help organizations run more efficiently. Financial accounting provides the scorecard by which a company"s past performance is judged. The work of managers and need for managerial accounting information. Planning; involves selecting a course of actions and specifying how the action will be implemented. Directing and motivating; involve mobilizing people to carry out plans and run routine operations.
