It contains summary of chapter 1 of "Cost Accounting: A Managerial Emphasis" book, the fifteenth edition one, by Charles T. Horngren, Srikant M. Datar, and Madhav V. Rajan. It is written concisely in 4 pages, based on the learning objectives of the chapter.
COST ACCOUNTING: A MANAGERIAL EMPHASIS, 16E, GLOBAL EDITION (HORNGREN)|CHAPTER4,5&9 || QUESTIONS AND CORRECT ANSWERS 2024|A+ GUARANTEED|100%PASS|ALL CHAPTERS AVAILABLE
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CHAPTER 1: THE MANAGER AND MANAGEMENT ACCOUNTING
Document Type : Book Summary
Source : Cost Accounting: A Managerial Emphasis 15th Edition by Charles T.
Horngren, Srikant M. Datar, and Madhav V. Rajan
Learning Objective 1 : Distinguish Financial Accounting from Management
Accounting
1. Purpose of Information:
Management accounting helps managers making decisions to fulfill the
organization goals; while
Financial accounting communicates the organization’s financial position to
external parties.
2. Primary Users:
Management accounting report is primarily used by managers of the organization;
while
Financial accounting report is primarily used by external parties.
3. Focus and Emphasis:
Management accounting is future-oriented; while
Financial accounting is past-oriented.
4. Rules of Measurement and Reporting:
Management accounting reporting follows internal measures and rules, and is
based on cost-benefit analysis; while
Financial accounting reporting is based on standard rules and certified by external
auditors.
5. Time Span and Type of Reports:
Management accounting reporting has various time span, from hourly to 15 to 20
years information, with various types of information (i.e. financial and non-
financial information on products, departments, territories, and strategies), while
Financial accounting reporting has time span of annual and quarterly, with
information primarily focusing on the company as a whole.
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