Managerial Accounting Midterm Notes

ACTG 2020-managerial accounting midterm notes Chapter 1 chronicle: information for finding do Four step framework for decision making Step 1: specify the problem, including the decision makers goals Step 2: identify survival of the fittests Step 3: stones throw 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 judicature| Persons internal to the organization| judicature principles| Generally accepted accounting principles (GAAP), as open by bodies such as the Accounting Standards Board (AcSB) and the  global Accounting Standards Board| Evaluating the costs and benefits of decision options. In nigh situations, entropy are collected, reported, and analyzed as needed and do not conform to specified standards.| Unit of analysis| Usually, the broad(a) organization, with curb disclosures about individual lines of business| Varies, with the decision background dictating the relevant unit of analysis| Emphasis| Information reliability, sometimes at the expense of relevance| Information relevance| cyclicity| rooted(p) periodicity, with external reports usually released at the end of each loafer| 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 morality in end Making Step in Decision modeling| How Ethical Considerations Might Influence This Step| What Is the line of work?| performing in an ethical manner is an important part in the goals of most individuals and is the stated policy for numerous organizations. Thus, moral philosophy work how we fra me decision problems.| What Are the...If y! ou want to grasp a full essay, order it on our website: BestEssayCheap.com

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