Managerial Accounting, Third Canadian Edition Class Notes

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Chapter 1Introduction to Managerial AccountingLEARNING OBJECTIVES:When your students have finished studying this chapter, they should be able to:1.Identify managers’ four primary responsibilities.2.Distinguish financialaccounting from managerial accounting.3.Describe organizational structure and the roles and skills required of management accountantswithin the organization.4.Describe the role ofCPA Canada and apply its guidelines for ethical behavior.5.Discuss and analyze the implications of regulatory and business trends.6.Describe a lean production system.7.Describe and use the costs of quality framework.OVERVIEWThis chapter provides an overview of the focus of management accounting and its role inorganizations.Section One:The chapter introduces managerial accounting along with the fundamental principleof the text, which is the importance of using managerial accounting data indecision-making. Students are introduced to the importance of cost of goods soldanddecision-making by discussing the primary responsibilities of a managerialaccountant: planning, directing, controlling, and decision-making.Section Two:To help students understand the managerial accounting focus, financial andmanagerial accounting are contrasted and compared. Managerial accounting hasinternal users relying on relevant information prepared specifically formanagement’s needs and financial accounting has external users using reliable andobjective information in the form of financial statements.Section Three:The importance of using managerial accounting for decision-making is illustratedthrough the presentation of organizational structures and the roles and skillsrequired of management accountants. In addition to their traditional costing and

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Subject

Accounting

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Managerial Accounting by Karen W. B...

Managerial Accounting, Third Canadian Edition Class Notes

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