University:
McMaster University
Course:
ACC 928 | Introductory Management Accounting
Academic year:

2022
Views:

395

Pages:

2
Author:

Sabrina S.

Introduction to Managerial Accounting Describe/understand diff. btw. the 4 primary responsibilities of managers. Planning setting goals/objectives, how to achieve them- Directing overseeing the company's day-to-day operations Controlling evaluating the results of business operations against the plan & making adjustments to keep company pressing toward goals. Decasion Making plans/directs/controls operations. Also, gathers, Summarizes & reports costs at revenue data relevant Difference btw- Managerial & Financial Accounting Managerial Internal (managers) •help managers plan/direct/control • any internal acct report • whatever they want • Focus on future • Data must be relevent • Segments of business • Management needs • No independent audits • No authoritative body requires MA reports Financial •External (creditors, stockholders, Gort regulators •help external users make investing/lending • Financial statements • Follow (IFRS) or (ASPE) • historical transactions with exkunal parties must be reliable /objective Company as a whole • Annually & quarterly • Independent certified public accountants audit • Each province has its own securities comm Chief Operating officer (000) Chief Financial officer (CFO) Vice President of Various operations Treasurer Controller Internal Auditor CEO manage company on a daily basis. hires CFO all financial concerns report to Company operations like R40/Production/distribution Treasures raising captal, (stocks/bonds) investing funds Controller general financial accounting, MA & tax reporting. Describe each of the 5 main ethical standarde Competence Maintaining Competence in one's work & advancing the profession. Independence: Maintaining independenc of thought & action. Confidentiality Assuring confidentiality & transparency Credibility: Behaving in a professional manner with courtesy/ good faith credibility. Integrity Acting with responsibility / loyalty/honor/ integnty.