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A day doesnt go by without Managerial Accounting in our capitalistic world we call America Whether we recognize it or not its in our lives everywhere we turn It can be seen in the company you work at to the fast-food chain you buy breakfast Managerial Accounting is the process of identifying measuring analyzing interpreting and communicating information in pursuit of an organizations goals An organization needs resources and people to carry out the activities The management team of the organization must achieve the goals with the resources people and activities The four important roles of a management team is decision making planning directing operational activities and controlling These four activities are impossible without the information from the managerial accountant analysis The information that a managerial accountant analysis provides can be used in making day to day decisions or long term decision making Most of the data provided is financial but some organizations are also using substantial non-financial data Hilton 4 Whats the difference between Financial Accounting and Managerial Accounting Unlike Financial Accounting Managerial Accounting focuses on the managers within the organizations rather than interested parties outside the organization Financial Accounting is the use of accounting information for reporting to interested parties outside the organization The outside parties are people like stockholders lenders investment analysts unions consumer groups and government agencies Financial Accounting and Manage-rial Accounting have some similarities despite their differences They both gather data from the organizations basic accounting system Hilton 4 They are different cost for different purposes The meaning of cost can change when it is used in different context Cost can be defined as the sacrifice made usually measured by the resource given up to achieve a particular purpose The activity that causes cost to be incurred is called cost drivers Activity refers to the measure of the organizations output of products or services The most important classification of cost involves the way cost
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