33:382:103 Chapter 18: Accounting Chapter 18
18 Nov 2016
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Document Summary
Managerial accounting an activity that provides nancial and non nancial information to an organization"s managers. The purpose of managerial accounting is to give managers of an organization useful information. This kind of accounting helps managers with three key tasks: 1. determining the costs of an organization"s products and services. 3. comparing actual results to planned results. A lot of managerial accounting involves gathering information about cots for planning and control decisions. Planning: the process of setting goals and making plans to achieve them. Long- term strategic plans usually set a rm"s long-term direction based on opportunities such as new products, new markets, and capital investments. Short-term plans translate the strategic plans into actions, and they are more concrete and consist of better-de ned objectives and goals. Control: the process of monitoring planning decisions and evaluating an organization"s activities and employees. it includes the measurement and evaluation of actions, processes, and outcomes.
