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Managerial Accounting and the Business Environment

Chapter 1. Managerial Accounting and the Business Environment. Managerial Accounting and Financial Accounting. Managerial accounting provides information for managers of an organization who direct and control its operations.

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Managerial Accounting and the Business Environment

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  1. Chapter1 Managerial Accounting and the Business Environment

  2. Managerial Accounting and Financial Accounting Managerial accountingprovides informationfor managers of anorganization whodirect and controlits operations. Financial accountingprovides informationto stockholders,creditors and otherswho are outsidethe organization.

  3. Differences Between Financial and Managerial Accounting

  4. Work of Management Planning Directing and Motivating Controlling

  5. A more competitive environment emphasizing: • Higher quality products • Lower prices and costs • Global competition • Meeting and anticipating customer needs Business environment changes in the past twenty years The Changing Business Environment

  6. International Competition Meeting world-class competition demands a world-class management accounting system. Managers must make decisions to plan, direct, and control a world-class organization.

  7. Organizational Structure An organization is a group of peopleunited for a common purpose.

  8. The Controller The chief accountant in an organization with responsibility for: • Financial planning and analysis. • Cost control. • Financial reporting. • Accounting information systems.

  9. Importance of Ethicsin Accounting • Ethical accounting practices build trust and promote loyal, productive relationships with users of accounting information. • Many companies and professional organizations, such as the Instituteof Management Accountants (IMA),have written codes of ethics whichserve as guides for employees.

  10. IMA Code of Ethics for Management Accountants Competence Confidentiality Integrity Objectivity Resolution of Ethical Conflict

  11. End of Chapter 1

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