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Managerial accounting: Creating value in a dynamic business environment (10/e): Chapter 1 - Ronald W. Hilton, David E. Platt

Chapter 1 - The changing role of managerial accounting in a dynamic business environment. After completing this chapter, you should be able to: Define managerial accounting and describe its role in the management process; explain four fundamental management processes that help organizations attain their goals; list and describe five objectives of managerial accounting activity;. | The Changing Role of Managerial Accounting in a Dynamic Business Environment Chapter 1 Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 1: The Changing Role of Managerial Accounting in a Dynamic Business Environment Managerial accounting is the process of Identifying Measuring Analyzing Interpreting Communicating information Define Managerial Accounting 1- Managerial accounting is an integral part of the management process. It is the process of identifying, measuring, analyzing, interpreting, and communicating information in pursuit of an organization’s goals. (LO1) Managing Resources, Activities, and People An organization . . . Acquires Resources Hires People Organized set of activities Decision Making Planning Directing Controlling 1- In pursuing its goals, an organization acquires resources, hires people, and then engages in an organized set of activities. It is up to the management team to make the best use of the organization’s resources, activities, and people in achieving the organization’s goals. The day-to-day work of the management team comprises four activities: • Decision making • Directing operational activities • Planning • Controlling (LO2) How Managerial Accounting Adds Value to the Organization Providing information for decision making and planning. Assisting managers in directing and controlling activities. Motivating managers and other employees towards organization’s goals. Measuring performance of subunits, activities, managers, and other employees. Assessing the organization’s competitive position. 1- Managerial accountants add value to an organization by providing information, assisting in directing and controlling activities, motivating managers and employees towards the organization’s goals, measuring performance, and assessing the organization’s competitive position. (LO3) Managerial versus Financial Accounting . | The Changing Role of Managerial Accounting in a Dynamic Business Environment Chapter 1 Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 1: The Changing Role of Managerial Accounting in a Dynamic Business Environment Managerial accounting is the process of Identifying Measuring Analyzing Interpreting Communicating information Define Managerial Accounting 1- Managerial accounting is an integral part of the management process. It is the process of identifying, measuring, analyzing, interpreting, and communicating information in pursuit of an organization’s goals. (LO1) Managing Resources, Activities, and People An organization . . . Acquires Resources Hires People Organized set of activities Decision Making Planning Directing Controlling 1- In pursuing its goals, an organization acquires resources, hires people, and then engages in an organized set of activities. It is