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  • Intro To MGMT Acctg

    Încărcat de

    Mitsuko Ogatis
    15 vizualizări2 pagini
    Management accounting is the process of analyzing, interpreting, and presenting financial statements to assist managers in decision making, policy creation, and day-to-day operations. It involves detailed reports, subjective data, interim reports that compare actual performance to plans, and special purpose financial statements intended for internal users. Financial accounting generates general purpose financial statements following accounting principles for external users and involves objective data covering a single accounting period. The key difference is that management accounting provides information to help managers while financial accounting provides standardized reports for external stakeholders.

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    Introduction to Management Accounting

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    Intro to Mgmt Acctg

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    Management accounting is the process of analyzing, interpreting, and presenting financial statements to assist managers in decision making, policy creation, and day-to-day operations. It involves detailed reports, subjective data, interim reports that compare actual performance to plans, and special purpose financial statements intended for internal users. Financial accounting generates general purpose financial statements following accounting principles for external users and involves objective data covering a single accounting period. The key difference is that management accounting provides information to help managers while financial accounting provides standardized reports for external stakeholders.

    Drepturi de autor:

    © All Rights Reserved
    Descărcați ca PDF, TXT sau citiți online pe Scribd
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    15 vizualizări2 pagini

    Intro To MGMT Acctg

    Încărcat de

    Mitsuko Ogatis
    Management accounting is the process of analyzing, interpreting, and presenting financial statements to assist managers in decision making, policy creation, and day-to-day operations. It involves detailed reports, subjective data, interim reports that compare actual performance to plans, and special purpose financial statements intended for internal users. Financial accounting generates general purpose financial statements following accounting principles for external users and involves objective data covering a single accounting period. The key difference is that management accounting provides information to help managers while financial accounting provides standardized reports for external stakeholders.

    Drepturi de autor:

    © All Rights Reserved
    Descărcați ca PDF, TXT sau citiți online pe Scribd
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    din 2

    11/10/2017

    Management Accounting
    Management Accounting is the process of
    Management analyzing, interpreting, and presenting financial
    statements using the statements prepared under
    Accounting financial accounting. Management Accounting
    assists the managers in the process of decision
    making, creation of policy and day-to-day
    operations, and strengthening of internal control.

    Objectives of Management Accounting Scope of Management Accounting


    Performance measurement Financial accounting
    Risk measurement Cost accounting
    Allocation of business resources Financial management
    Timely presentation of financial statements to the Financial statement analysis
    management Interpretation of data
    Management reporting
    Quantitative techniques
    Inflation accounting

    Financial Accounting Management Accounting


    It is intended for external users. It is intended for internal users for
    planning, directing, and controlling.
    It generates general purpose It generates special purpose financial
    financial statements. statements.
    It involves precise information. It involves detailed reports.
    It covers one accounting period. It is made of interim reports.
    It reports past transactions and It reports past transactions and
    financial reports of the entire usually compares it with planned
    business. operations.
    It is required by law. It is required by management.
    It must conform to the generally It conforms with rules set by
    accepted accounting principles. management.
    It is based on objective data. It allows subjective data.

    1
    11/10/2017

    Which of the following roles belongs to:


    Differences between management accounting A. management accounting
    and financial accounting B. financial accounting
    C. cost accounting
    D. none of the above
    Which of the following roles belongs to: 1. Preparing a balance sheet.
    A. management accounting 2. Preparing a profit forecast by product line.
    B. financial accounting 3. Estimating the depreciation expense for a factorys
    equipment.
    C. cost accounting 4. Monitoring the effects of a quality improvement program.
    D. none of the above? 5. Estimating the cost of goods produced.
    6. Estimating the cost of a prototype for a new product being
    developed.
    7. Preparing a sales forecast.
    8. Monitoring the effects of a waste reduction program.
    9. Preparing a report on customer satisfaction.
    10. Preparing an income statement.

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