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managerial accounting

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Posted in Test Preparation, asked by kristina , 6 years ago. 1874 hits.

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MANAGERIAL ACCOUNTING

The process of identifying, measuring, analyzing, interpreting, and communicating information for the pursuit of an organization's goals. 
This is also known as "cost accounting."

 

DIFFERENCE BETWEEN MANAGERIAL AND FINANCIAL ACCOUNTING

The key difference between managerial and financial accounting is that managerial accounting information is aimed at helping managers within the organization make decisions. In contrast, financial accounting is aimed at providing information to parties outside the organization. 

MANAGERIAL ACCOUNTING INFORMATION INCLUDE:

  • Information on the costs of an organization’s products and services.
    For Example, managers can use product costs to guide the setting of selling prices. In addition, these product costs are used for inventory valuation and income determination.
  • Budgets. 
    A budget is a quantitave expression of a plan.
  • Performance reports: 
    These reports often consist of comparisons of budgets with actual results. The deviations of actual results from budget are called variances.
  • Other information which assist managers in their planning and control activities.
    Examples are information on revenues of an organization’s products and services, sales back logs, unit quantities and demands on capacity resources.
Furqan Ali
Furqan Ali - 6 years ago
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