[ACCT 2101] - Midterm Exam Guide - Ultimate 15 pages long Study Guide!
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ACCT 2101 Full Course Notes
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Document Summary
Managerial accounting is the process of identifying, measuring, analyzing, interpreting, and (cid:272)o(cid:373)(cid:373)u(cid:374)i(cid:272)ati(cid:374)g i(cid:374)for(cid:373)atio(cid:374) i(cid:374) pursuit of a(cid:374) orga(cid:374)izatio(cid:374)"s goals. The day to day work of the management team includes: decision making: Accountants must make the best possible decision out of all available alternatives: planning: Accountants must develop a detailed financial and operational description of anticipated operations in order to plan for the future: directing operational activities: Accountants are involved in running the organization on a day to day basis: controlling: Accountants ensure that the organization operates in the intended manner and achieves its goals. Managerial accounting activity comprises a set of tools, systems, and perspectives that add value to an organization by supporting five major objectives: providing information for decision making and planning. Measuring, managing, and continually improving operational activities are critical to an orga(cid:374)izatio(cid:374)"s su(cid:272)(cid:272)ess: assisting managers in directing and controlling operational activities.
