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Lecture Fundamental accounting principles (21/e) - Chapter 18: Managerial accounting concepts and principles

After completing this chapter you should be able to: Explain the purpose and nature of, and the role of ethics in, managerial accounting, describe accounting concepts useful in classifying costs, define product and period costs and explain how they impact financial statements, explain how balance sheets and income statements for manufacturing and merchandising companies differ. | Managerial Accounting Concepts and Principles Chapter 18 Chapter 18: Managerial Accounting Concepts and Principles Managerial accounting provides financial and nonfinancial information for managers of an organization and other decision makers. Financial accounting provides general purpose financial information to those who are outside the organization. Managerial Accounting Basics C 1 Managerial accounting is an activity that provides financial and nonfinancial information to an organization’s managers and other internal decision makers. The main purpose of the financial accounting system is to prepare general purpose financial statements. The purpose of both managerial and financial accounting is providing useful information to decision makers. Both areas of accounting report monetary information, although managerial accounting usually includes the practice of reporting more nonmonetary information. Purpose of Managerial Accounting C 1 Planning is the process of setting goals and making plans to achieve them. Strategic plans usually set a firm’s long-term direction by developing a road map based on opportunities such as new products, new markets, and capital investments. Medium- and short-term plans are more operational in nature. They translate the strategic plans into actions. A short-term plan often covers a one-year period that, when translated into monetary terms is known as a budget. Control is the process of monitoring planning decisions and evaluating an organization’s activities and employees. It includes the measurement and evaluation of actions, processes, and outcomes. Feedback provided by the control system allows managers to revise their plans and take corrective actions to avoid undesirable outcomes. Nature of Managerial Accounting C 1 Here we see a detailed comparison of financial accounting and managerial accounting. In addition to the focus on internal decisions, note particularly that managerial accounting information may follow a flexible . | Managerial Accounting Concepts and Principles Chapter 18 Chapter 18: Managerial Accounting Concepts and Principles Managerial accounting provides financial and nonfinancial information for managers of an organization and other decision makers. Financial accounting provides general purpose financial information to those who are outside the organization. Managerial Accounting Basics C 1 Managerial accounting is an activity that provides financial and nonfinancial information to an organization’s managers and other internal decision makers. The main purpose of the financial accounting system is to prepare general purpose financial statements. The purpose of both managerial and financial accounting is providing useful information to decision makers. Both areas of accounting report monetary information, although managerial accounting usually includes the practice of reporting more nonmonetary information. Purpose of Managerial Accounting C 1 Planning is the process of setting goals and .