Management Accounting 1.0



Publisher Description



Managerial accounting is an activity that provides financial and nonfinancial information to an organization’s managers and other internal decision makers. This section explains the pur pose of managerial accounting (also called management accounting) and compares it with financial accounting. The main purpose of the financial accounting system is to prepare general-purpose financial statements. That information is incomplete for internal decision makers who manage organizations.

Purpose of Managerial Accounting

The purpose of both managerial accounting and financial accounting is providing useful information to decision makers. They do this by collecting, managing, and reporting information in demand by their users. Both areas of accounting also share the common practice of reporting monetary information, although managerial accounting includes the reporting of nonmonetary information. They even report some of the same information. For instance, a company’s financial statements contain information useful for both its managers (insiders) and other persons
interested in the company (outsiders).

The remainder of this book looks carefully at managerial accounting information, how to gather it, and how managers use it. We consider the concepts and procedures used to determine the costs of products and services as well as topics such as budgeting, break-even analysis, product costing, profit planning, and cost analysis. Information about the costs of products and services is important for many decisions that managers make. These decisions include predicting the future costs of a product or service. Predicted costs are used in product pricing, profitability analysis, and in deciding whether to make or buy a product or component. More generally, much of managerial accounting involves gathering information about costs for planning and control decisions

Planning is the process of setting goals and making plans to achieve them. Companies formulate long-term strategic plans that usually span a 5- to 10-year horizon and then refine them with medium-term and short-term plans. Strategic plans usually set a firm’s long-term direction by developing a road map based on opportunities such as new products, new markets, and capital investments. A strategic plan’s goals and objectives are broadly defined given its long-termorientation. Medium- and short-term plans are more operational in nature. They translate the strategic plan into actions. These plans are more concrete and consist of better defined objectives and goals. A short-term plan often covers a one-year period that, when translated in monetary terms, is known as a budget.

Control is the process of monitoring planning decisions and evaluating an organization’s activities and employees. It includes the measurement and evaluation of actions, processes, and outcomes. Feedback pro vided by the control function allows managers to revise their plans.

Mea surement of actions and processes also allows managers to take corrective actions to avoid undesirable outcomes. For example, managers periodically compare actual results with planned results. Exhibit 1.1 portrays the important management functions of planning and control.



About Management Accounting

Management Accounting is a free app for Android published in the Reference Tools list of apps, part of Education.

The company that develops Management Accounting is Al-Ikhlas Development. The latest version released by its developer is 1.0.

To install Management Accounting on your Android device, just click the green Continue To App button above to start the installation process. The app is listed on our website since 2014-10-13 and was downloaded 3 times. We have already checked if the download link is safe, however for your own protection we recommend that you scan the downloaded app with your antivirus. Your antivirus may detect the Management Accounting as malware as malware if the download link to com.emak.management.accounting is broken.

How to install Management Accounting on your Android device:

  • Click on the Continue To App button on our website. This will redirect you to Google Play.
  • Once the Management Accounting is shown in the Google Play listing of your Android device, you can start its download and installation. Tap on the Install button located below the search bar and to the right of the app icon.
  • A pop-up window with the permissions required by Management Accounting will be shown. Click on Accept to continue the process.
  • Management Accounting will be downloaded onto your device, displaying a progress. Once the download completes, the installation will start and you'll get a notification after the installation is finished.



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Downloads: 3
Updated At: 2024-03-05
Publisher: Al-Ikhlas Development
Operating System: Android
License Type: Free