ACCT 2000 : ACCT 2000 Exam 3
Document Summary
Managerial accounting basics: managerial accounting a field of accounting that provides economic & financial information for managers & other internal users, also called management accounting, distinguishing features, 1. Applies to all types of business: 1. Applies to all forms of business organizations: 1. Applies to not-for-profit as well as profit-oriented companies: 4. Changed role in collecting & reporting costs to management as a result of increasingly automated business environment: 5. Now more responsible for strategic cost management: strategic cost management assisting in evaluating how well resources are employed by the company, 6. Accountants now serve on teams with people from production, marketing, engineering, etc: 7. Aid in making critical strategic decisions: comparing managerial & financial accounting, similarities, 1. Both managerial & financial accounting deal with economic events of a business thus, interests overlap: 2. Both require that economic events be quantified & communicated to interested parties: Determining unit cost is part of managerial accounting.
