Required information We will learn what managerial accounting is and how it is different from financial accounting. We will study how managerial accounting helps managers in key areas of planning, controlling, and decision making. We will learn that managerial accounting skills are useful in just about any career, organization, and industry. We will look at the various managerial perspectives and how these non-quantitative perspectives work hand in hand with the numbers to effectively manage a business. What is Managerial Accounting? GAAP RS Financial Accounting Reports to those outside the organization: Owners Crediton Tax authorities Regulators o Emphasizes financial consequences of past activities. Emphasizes objectivity and verifiability. o Emphasizes precision o Emphasizes companywide reports. o Must follow GAAPIFRS Mandatory for extemal reports Managerial Accounting o Reports to managers inside the organization for Planning Controlling Decision making o Emphasizes decisions affecting the future. o Emphasizes relevance. o Emphasizes timeliness o Emphasizes segment reports o Need not follow GAAPIFRS Not mandatory. Knowledge Check 01 Match the term and the definition. +3