ACC 406 Chapter Notes - Chapter 1: International Accounting Standards Board, Triple Bottom Line, Financial Accounting
4 Oct 2016
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Acc406 chapter 1: introduction to managerial accounting (textbook notes) Managerial accounting is the provision of accounting information for a company"s internal users. o. It uses the firm"s accounting system, and formats the information in a way to support the information needs of managers: not bound by any form of criteria, unlike financial accounting. To provide information for planning the organization"s actions. To provide information for controlling the organization"s actions. To provide information for making effective decisions. o. Managers and empowered workers need comprehensive, up-to-date information for the following activities: (1) planning. Requires setting objectives and identifying methods to achieve those objectives. To realize these benefits, management must develop some specific methods that, when implemented, will lead to the achievement of the desired objective. Ex: a plant manager, for example, may start a supplier evaluation program to identify and select suppliers that are willing and able to supply defect-free parts.
