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Cornerstones of Managerial Accounting 5th Edition by Dan Heitger Maryanne Mowen, Don Hansen
Edition 5ISBN: 978-1133271802Cornerstones of Managerial Accounting 5th Edition by Dan Heitger Maryanne Mowen, Don Hansen
Edition 5ISBN: 978-1133271802 Exercise 1
is managerial accounting?
Explanation
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Accounting: It is a systematic process of recording the monetary transactions related to a specified period. The purpose to record the business-related transactions is to summarize the results of conducting the business activities, to evaluate the performance of the organization in terms of profits and loss. Accounting is required to communicate the results to the interested parties. There are various types of accounting such as financial accounting, human resource accounting, managerial accounting, sustainability accounting.
Managerial accounting is a process where in the managers provides the organization with financial and non-financial information for the future use. It consists of data related to business operations and fund management for multiple projects. This information is used by the managers for future planning and decision making to run the business. It is a provision which helps the internal as well external users. Managerial accounting is not bound by any standard rules and regulations. It is a support tool for the managers. It helps in planning, controlling, and decision making.
Earlier managerial accounting was only for internal users but now it is used by all the stake holders for their future decisions.
Managerial accounting is a process where in the managers provides the organization with financial and non-financial information for the future use. It consists of data related to business operations and fund management for multiple projects. This information is used by the managers for future planning and decision making to run the business. It is a provision which helps the internal as well external users. Managerial accounting is not bound by any standard rules and regulations. It is a support tool for the managers. It helps in planning, controlling, and decision making.
Earlier managerial accounting was only for internal users but now it is used by all the stake holders for their future decisions.
Cornerstones of Managerial Accounting 5th Edition by Dan Heitger Maryanne Mowen, Don Hansen
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