Roque - Managerial Accounting

Managerial Accounting

Strategic Cost Management

Management - A judicious use of means to accomplish an end - A process of accomplishing work through and with  people - Involves achieving something (an end or a goal) by wisely using strategies (ways or means) - Applied to business organization, management management involves the attainment of certain goals by judiciously utilizing its capabilities and resources

Two Basic Functions of Management 1. Planning - Involves setting of both immediate and long range goals for the organization 2. Controlling -inThe see way to it to that operations are carried the managers best possible ensure the attainment ofout  business objectives

Management Needs for Accounting Information - Information needed by management to carry out its decision making function may be either quantitative or non-quantitative. - The accountant acts as the major channel through which quantitative information flows to manageme management nt and other interested parties. - The accountant gathers relevant information, analyses it, breaks it down, sorts it out and organizes it to come up with a report that may help management and other parties make sound decisions.

Accounting Branches Accounting - The measurement and communicati communication on of financial data Management Accounting - The application of appropriate techniques and concepts in processing the historical and projected economic data of an entity to assist management in establishing a plan for reasonable economic objectives and in the making of rational decisions with a view towards achieving these objectives