Managerial Accounting Introduction

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Overview of the Accounting Environment : 

Overview of the Accounting Environment Managerial Accounting

Fields in Accounting : 

Fields in Accounting Financial Accounting – financial statement reporting to entities outside the business organization

Financial Accounting : 

Financial Accounting Information primarily intendedfor investors and creditors Governing body is the Financial Accounting Standards Board (FASB) Highly regulated

Financial Accounting : 

Financial Accounting Financial reports are: Balance Sheet Income Statement Statement of Changes in Equity Statement of Cash Flows Verified through documentationand audit by CPA

Fields in Accounting : 

Fields in Accounting Cost/Managerial Accounting – preparing information suitablefor managers to plan control and run the organization

Cost / Managerial Accounting : 

Cost / Managerial Accounting Information prepared for internal users Primarily intended for decision making by managers No governing body or regulators Emphasis on relevance rather than verification

Fields in Accounting : 

Fields in Accounting Governmental Accounting – accounting for state or local governments using “fund” accounting concepts Separates activities of the organization into distinct reporting units

Fields in Accounting : 

Fields in Accounting Tax Accounting – strategic planning to reduce tax liability Record keeping and filing for tax preparation

Web Sites : 

www.roberthalf.com contains free resources on careers, jobs descriptions, and salaries for accounting and finance professionals Web Sites

Web Sites : 

Web Sites www.gleim.com contains information about certifications and licenses available in accounting

Professional Organizations : 

Professional Organizations

Certifications : 

Certifications