Chapter goal "Managerial accounting (11E) - Chapter 1: Fundamental concepts" provides the groundwork for the book, including tying strategic cost analysis to the value chain. Please refer to the detailed content. | Fundamental Concepts CHAPTER 1 PowerPoint Presentation by LuAnn Bean Professor of Accounting Florida Institute of Technology © 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Managerial Accounting 11E Maher/Stickney/Weil Chapter 1: Fundamental Concepts CHAPTER GOAL This chapter provides the groundwork for the book, including tying strategic cost analysis to the value chain. ☼ ☼ The goal of Chapter 1 is to provide the groundwork for the book, including tying strategic cost analysis to the value chain. FINANCIAL ACCOUNTING: Definition Reports to users (shareholders, creditors, financial analysts, etc.) outside the organization. LO 1 Financial accounting deals with reporting to people outside an organization. The users of financial accounting reports include . | Fundamental Concepts CHAPTER 1 PowerPoint Presentation by LuAnn Bean Professor of Accounting Florida Institute of Technology © 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Managerial Accounting 11E Maher/Stickney/Weil Chapter 1: Fundamental Concepts CHAPTER GOAL This chapter provides the groundwork for the book, including tying strategic cost analysis to the value chain. ☼ ☼ The goal of Chapter 1 is to provide the groundwork for the book, including tying strategic cost analysis to the value chain. FINANCIAL ACCOUNTING: Definition Reports to users (shareholders, creditors, financial analysts, etc.) outside the organization. LO 1 Financial accounting deals with reporting to people outside an organization. The users of financial accounting reports include shareholders (owners) of a corporation, creditors (those who lend money to a business), financial analysts, labor unions, and government regulators. MANAGERIAL ACCOUNTING: Definition Reports results of activities to insiders (managers, etc.). LO 1 Managerial accounting focuses on activities inside the organization. (Many companies call managerial accounting finance or corporate finance.) Managerial accounting has no required rules and regulations, such as Generally Accepted Accounting Principles (. GAAP) or International Financial Reporting Standards (IFRS). Unlike financial accounting, which must use historical or current data, managerial accounting can and does use projections about the future. After all, managers make decisions that affect the future, not the past. When a product is a “commodity” how do you compete to achieve/maintain profitability? Compete by differentiating yourself from competition. Focus on order fulfillment, cutting costs, etc. LO 2 A good managerial .
