Chapter 1 - Managerial accounting: an overview. This chapter explains why managerial accounting is important to the future careers of all business students. It answers three questions: What is managerial accounting? Why does managerial accounting matter to your career? and what skills do managers need to succeed? It also discusses the importance of ethics in business and corporate social responsibility. | Managerial Accounting, 15e Managerial Accounting: An Overview Chapter 1 Financial and Managerial Accounting: Seven Key Differences Work of Management Planning Decision Making Controlling Planning Establish Goals. Specify How Goals Will Be Achieved. Develop Budgets. Controlling The control function gathers feedback to ensure that plans are being followed. Feedback in the form of performance reports that compare actual results with the budget are an essential part of the control function. Decision Making Decision making involves making a selection among competing alternatives. What should we be selling? Who should we be serving? How should we execute? Accounting Majors Employers expect accounting majors to have strong financial accounting skills, but they also expect application of the planning, controlling, and decision making skills that are the foundation of managerial accounting. The IMA estimates that more than 80% of professional accountants in the . work in non-public . | Managerial Accounting, 15e Managerial Accounting: An Overview Chapter 1 Financial and Managerial Accounting: Seven Key Differences Work of Management Planning Decision Making Controlling Planning Establish Goals. Specify How Goals Will Be Achieved. Develop Budgets. Controlling The control function gathers feedback to ensure that plans are being followed. Feedback in the form of performance reports that compare actual results with the budget are an essential part of the control function. Decision Making Decision making involves making a selection among competing alternatives. What should we be selling? Who should we be serving? How should we execute? Accounting Majors Employers expect accounting majors to have strong financial accounting skills, but they also expect application of the planning, controlling, and decision making skills that are the foundation of managerial accounting. The IMA estimates that more than 80% of professional accountants in the . work in non-public accounting environments. 80% Certified Management Accountant A management accountant who has the necessary qualifications and who passes a rigorous professional exam earns the right to be known as a Certified Management Accountant (CMA). Managerial Accounting: Beyond the Numbers Controlling Planning Decision Making The primary purpose of this course is to teach measurement skills that managers use to support planning, controlling, and decision making activities. Managerial Accounting: Beyond the Numbers What net income should my company report to its stockholders? Measure and report historical data that complies with applicable rules. How will my company serve its customers? Measure and analyze mostly non-financial, process-oriented data. Will my company need to borrow money? Measure and analyze estimated future cash flows. Measurement skills help managers answer important questions. Managerial Accounting: Beyond the Numbers Six Business Management Perspectives that go beyond the numbers to
