- 1.2: Distinguish between Financial and Managerial Accounting
- Managerial accounting is much different from financial accounting and provides information to managers and other users within the company in order to make more informed decisions. The overriding roles of managers (planning, controlling, and evaluating) lead to the distinction between financial and managerial accounting. The main objective of management accounting is to provide useful information to managers to assist them in the planning, controlling, and evaluating roles.
- 1.5: Describe Trends in Today’s Business Environment and Analyze Their Impact on Accounting
- The business environment never rests. Regulations are always changing, global competition continues to increase, and technology provides continual disruption. Management accounting is always evolving due to changes in the business environment. The types of information needed and obtainable have changed significantly over time.