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Managerial: Accounting by Elizabeth Davis, Charles E. Davis

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1

ACCOUNTING AS A TOOL FOR MANAGEMENT

After studying this chapter, you should be able to meet the following learning objectives (LO).

  1. Define managerial accounting. (Unit 1.1)
  2. Describe the differences between managerial and financial accounting. (Unit 1.1)
  3. List and describe the four functions of managers. (Unit 1.1)
  4. Explain how the selection of a particular business strategy determines the information that managers need to run an organization effectively. (Unit 1.2)
  5. Discuss the importance of ethical behavior in managerial accounting. (Unit 1.3)

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UNIT 1.1 What Is Managerial Accounting?

GUIDED UNIT PREPARATION

Answering the following questions while you read this unit will guide your understanding of the key concepts found in the unit. The questions are linked to the learning objectives at the beginning of the chapter.

  1. Define managerial accounting in your own words. LO 1
  2. Who are the primary users of financial accounting information? LO 2
  3. Who are the primary users of managerial accounting information? LO 2
  4. Compare and contrast managerial and financial accounting information. LO 2
  5. What are the four functions of management? How does management carry out each function? LO 3

What do a marketing manager, a human resources manager, and a production manager have in common? A large part of their job is decision making. To make the best decisions possible, these managers need a wealth ...

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