Managerial Accounting Midterm Notes

ACTG 2020-managerial accounting midterm notes Chapter 1 chronicle: information for ending reservation Four step framework for decision making Step 1: specify the problem, including the decision makers goals Step 2: identify plectrums Step 3: beatnik benefits (advantages) and be (disadvantages) to watch out the value (benefits reaped less costs incurred) of each option Step 4: Make the decision, choosing the option with the highest value Differentiate between Financial score and managerial accounting system Characteristic| Financial Accounting| Managerial Accounting| Primary users| Persons external to the administration| Persons internal to the organization| judicature principles| Generally accepted accounting principles (GAAP), as constituted by bodies such as the Accounting Standards Board (AcSB) and the  foreign Accounting Standards Board| Evaluating the costs and benefits of decision options. In close to situations, entropy are collected, report ed, and analyzed as needed and do not conform to specified standards.

| Unit of analysis| Usually, the undefiled organization, with curb disclosures about individual lines of business| Varies, with the decision setting dictating the relevant unit of analysis| Emphasis| Information reliability, sometimes at the expense of relevance| Information relevance| periodicity| rooted(p) periodicity, with external reports usually released at the end of each tramp| Often generated on an as?needed basis| Types of information considered| Past financial data| All available data, including estimates on future performance, whether financial or nonfinancial| Role of ethical motive! in decisiveness Making Step in Decision modeling| How Ethical Considerations Might Influence This Step| What Is the conundrum?| performing in an ethical manner is an important portion in the goals of most individuals and is the stated policy for numerous organizations. Thus, ethics work how we frame decision problems.| What Are the...If you want to start out a full essay, order it on our website: BestEssayCheap.com

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