ACG-2071 Chapter Notes - Chapter 1: Chief Operating Officer, Internal Control, Financial Statement
Document Summary
Managerial accounting has three primary responsibilities for managers: planning, directing, controlling. Planning setting goals and objectives for the company; translates plans into budgets & analyzes. Directing overseeing company"s day to day operations; product cost reports, product sales info, etc. Controlling evaluating the results of business operations against the plan and making adjustments. Managerial accounting does not have gaap-type standards or audits. Management must carefully consider how the system will affect employees" behavior. Management accountants act as internal business advisors, they provide the financial information and in-depth analysis that managers need to make good business decisions. The institute of management accountants (ima) is the professional association for management accountants in the united states provide a forum for research, practice development, education, etc: ima issues the certified management accountant (cma) certification. (2012) the american institute of certified public accountants (aicpa) joined with england"s chartered.
