TAILIEUCHUNG - Chapter 1 An Introduction to Managerial Accounting and Cost Concepts

Planning involves selecting a course of action and specifying how the action will be implemented. The first step in planning is to identify the various alternatives. Next, the alternative that does the best job of furthering the organization’s objectives is selected. Management’s plans are usually expressed in budgets. Typically, budgets are prepared annually under the direction of the controller, who is the manager of the accounting department. | An Introduction to Managerial Accounting and Cost Concepts Chapter 1: An Introduction to Managerial Accounting and Cost Concepts. This chapter serves three main purposes. First, it describes the work of management and the need for managerial accounting information. Second, it compares financial accounting and managerial accounting. Third, it discusses the four main uses of cost information―to prepare external financial reports, to predict cost behavior, to assign costs to cost objects, and to make business decisions. Work of Management Planning Controlling Directing and Motivating All managers carry out three major activities – planning, directing and motivating, and controlling. Planning Identify alternatives. Select alternative that does the best job of furthering organization’s objectives. Develop budgets to guide progress toward the selected alternative. Planning involves selecting a course of action and specifying how the action will be implemented. The first step in planning .

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