Chapter 1: Why Is Managerial Accounting Important?

Accounting

• Financial accounting:

– Financial statements are used by investors, creditors, and government authorities.

• Managerial accounting:

– Reports are generated for planning.

• One planning tool is the budget.

– Controlling involves evaluating the plan and comparing the actual results to the budget.

– Weighing the costs against the benefits is called cost/benefit analysis.

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Curriculum

ACCT 302 Accounting for management

Starting Course