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Prologue: Overview of Managerial Accounting

by: Kimberly Portes

Prologue: Overview of Managerial Accounting ACC 252

Marketplace > Syracuse University > ACC 252 > Prologue Overview of Managerial Accounting
Kimberly Portes
GPA 3.38
Intro to Managerial Accounting (ACC 252)
Prof. Zadzilka

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About this Document

Week two of class: the connections between financial and managerial accounting, their differences and what makes up managerial accounting
Intro to Managerial Accounting (ACC 252)
Prof. Zadzilka
Class Notes
managerial accounting, financial accounting, planning and control cycle
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This 5 page Class Notes was uploaded by Kimberly Portes on Sunday September 27, 2015. The Class Notes belongs to ACC 252 at Syracuse University taught by Prof. Zadzilka in Fall 2015. Since its upload, it has received 24 views.

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Date Created: 09/27/15
Accounting 252 Section M002 Se pte Pa rt 1 mber 9 2015 A Introduction to Managerial Accounting Prologue Overview of Managerial Accounting Accounting B Information generated as a result of managerial accounting meets the particular needs of management usiness Activities 1 Management I Measurement Processing Communication Accounting Connection with Financial Accounting Decisions gt Transactions gt Financial statements Managerial accounting Decision making ProductSales mix Pricing Suppliers Compensation OwnRent Buildings ect From managerial accounting transactions are made Those transactions are summarized in nancial statements Income statement Balance sheet Statement of cash ows Good Decisions lead to consistent pro tability Financial vs Managerial Accounting 0 Financial decisions 0 Managerial organization all about assumptions uncertainties it depends gt what are you looking for What do you want to nd out Not as structured Managerial Accounting Users external persons who make nancial Time Focus historical perspective all about the numbers Veri ability vs Relevance emphasis on ved abH y Precision vs Timeliness emphasis on precision Subject primary focus gt whole organization GAAP must follow GAAPprescribed formats Requirement mandatory for external reports Users managers who plan for control Time Focus future emphasis numbers are supporting what happened Veri ability vs Relevance emphasis on relevance Precision vs Timeliness emphasis on timeliness Subject segments of the organization GAAP need not follow Requirement not mandatory 0 Provides information for managers to make decisions Subsequently evaluate if they were good decisions Work of Management 0 Planning 0 Directing and Motivating Controlling Planning 0 Identify alternatives oSelect an alternative that does the best furthering the organization s objectives 0 Develop plans to guide progress toward the selected alternative Directing amp Motivating Executing o lnvolves managing daytoday activities to keep the organization running smoothly 0 Employee work assignments Routine problem solving 0 Con ict resolution 0 Effective communicating Controlling Reviewing Ensures plans are being followed 0 Feedback in the form of performance reports that compare actual results with the plan gt essential Planning and Control Cvcle Formulating longshort term plans planning Comparing actual to Implementing planned plans pgrfcirml nce a Decision D amp M on ro Ing Making Measuring performanc e Controlling A Different Look at the Planning and Control Cvcle Core elements focus and execution Focus what matters most gtFocus modeling and path nding gtModeling setting a good example gtPathfinding jointly determine the course of acUon Execution making it happen gtExecution aligning and empowering gtAligning set upmanage systems to stay on course gtEmpowering focus talent on results not methods don t micromanage Skill for Successful Managers 0 Leadership 0 Strategic management 0 Process management where processes could go betterimprove gt to spend 0 Ethics less 0 Measurement 0 Enterprise risk management thinking of everything that could go wrong Types of Management Accountants 0 Chief nancial of cer 0 Division nance manager 0 Sales branch nance manager 0 Plant nance manager 0 Produce line nancial analyst Cost analyst Cost accountant Sales analyst Sales accountant gt Most jobs within an organization involve an aspect of managerial accounting


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