RSM222H1 Chapter Notes - Chapter 1: Management Accounting, Enterprise System, Financial Accounting
Document Summary
Managers are the people who are in the company and direct and control its operations. Identify the major differences and similarities between financial and managerial accounting. Managerial accounting: the form of accounting concerning providing information to managers for use in planning and controlling operations and for decision making. Financial accounting: the form of accounting concerning providing information to shareholders, creditors, and others outside the organization. Financial accounting-- providing creditors, and others who are outside an organization. Managerial accounting-- provides data that help organizations run more efficiently. Financial accounting-- provides the scoreboard by which a company"s past performance is judged. Financial accounting-- only focuses on producing a limited set of specific quarterly or annually statements by using gaap and government regulations. Describe the role of management accountants in an organization. Recently, it is also crucial for the management accountants to identify, understand and address the expectations of suppliers, customers, employees and the communities in which the company operates. in data duplication,
