ACCT1022 Chapter Notes - Chapter 1: Management Accounting, Cost Accounting, Continual Improvement Process
Document Summary
Chapter 1: the changing role of managerial accounting in a dynamic business. The process of identifying, measuring, interpreting, and communicating information in pursuit of an organization"s goals. An organization"s management team seeks to create value for the organization by managing resources, activities, and people to achieve the organization"s goals effectively. Managerial accounts: specialists in helping the organization and managers run the operation effectively. Board of directors, elected by the company"s stockholders. Developing a detailed financial and operational description of anticipated operations. Ensuring that the organization operates in the intended manner and. Objectives of managerial accounting activity achieves its goals. Providing information for decision making and planning. Assisting managers in directing and controlling operational activities. Motivating managers and other employees towards the organization"s goals. Measuring the performance of activities, subunits, managers, and other employees within the organization. Assessing the organization"s competitive position, and working with other managers to ensure the organization"s long-run competitiveness in its industry.