Comparison of Financial and Managerial Accounting PDF

© 2015 McGraw-Hill Education Garrison, Noreen, Brewer, Cheng & Yuen Comparison of Financial and Managerial Accounting 2 © 2015 McGraw-Hill Education Planning Garrison, Noreen, Brewer, Cheng & Yuen Controlling Work of Management Decision Making 3 © 2015 McGraw-Hill Education Garrison, N...

© 2015 McGraw-Hill Education Garrison, Noreen, Brewer, Cheng & Yuen Comparison of Financial and Managerial Accounting 2 © 2015 McGraw-Hill Education Planning Garrison, Noreen, Brewer, Cheng & Yuen Controlling Work of Management Decision Making 3 © 2015 McGraw-Hill Education Garrison, Noreen, Brewer, Cheng & Yuen Specify How Goals Will Be Achieved. Establish Goals. Planning Develop Budgets. 4 © 2015 McGraw-Hill Education Garrison, Noreen, Brewer, Cheng & Yuen their functions are to help companies make better decisions Management Accounting and Cost Accounting • are intertwined and • the terms are sometimes interchangeable Job costing, Process costing, Activity-based costing Cost allocation techniques FIFO, weighted average inventory valuation technique defines costs and valuates inventories to help managers to run businesses; examples including Cost accounting relates to the provision of appropriate information, including cost information for decision-making, planning, control, and performance evaluation. Management Accounting Management Accounting and Cost Accounting 7 Offer higher quality products. Product Leadership Strategy Garrison, Noreen, Brewer, Cheng & Yuen Deliver products and services faster, more conveniently, and at lower prices. Operational Excellence Strategy © 2015 McGraw-Hill Education Understand and respond to individual customer needs. Customer Intimacy Strategy Customer Value Propositions 9