-
MANAGERIAL ACCOUNTING
Used to provide information and analyses to MG w/in the orgz to assist them in D-M
-
What are the functions of managerial accounting for MG?
- -Measuring and reporting costs of production, marketing, and other functions
- -Preparing budgets (planning)
- -Checking whether or not units stay w/in their budgets (controlling)
- -Designing strategies to minimize taxes
-
CERTIFIED MANAGEMENT ACCOUNTANT
Professional accountant who has met certain educational and experience requirements, passed a qualifying exam in the field, and been certified by the Institute of Certified Management Accts
-
Why is Managerial Acct important?
-Growing emphasis on global competition, outsourcing, and orgz cost-cutting
-
FINANCIAL ACCOUNTING
Accounting information and analyses prepared for people outside the orgz, but also seen by ppl w/in (company owners, MG, EE)
-
Who are the primary users of financial accounting information?
- -Creditors and lenders
- -EE unions
- -Customers
- -Suppliers
- -Gov't agencies
- -General public
-
ANNUAL REPORT (FA)
Yearly statement of financial condition, progress, and expectancies of an orgz
-
What does the annual report do?
- Answer questions to interested ppl outside of the orgz, such as stakeholders
- 1) Is the orgz profitable?
- 2) Is orgz able to pay bills?
- 3) How much debt does the orgz hold?
|
|
