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Chapter 1Managerial Accounting in the Information Age Presentation Outline Goal of Managerial Accounting Comparison of Managerial and Financial Accounting Variable vs. Fixed Costs Other Cost Terminology Key Issues in Managerial Accounting Other Topics I. Goal of Managerial Accounting The goal of managerial accounting is to provide information that managers need for: Planning Control Decision Making A. Planning B. Control C. Decision Making II. Comparison of Managerial and Financial Accounting The User of the Information The GAAP Requirement The Level of Detail The Emphasis on Nonmonetary Information The Time Frame of Focus A. The User of the Information Managerial Accounting Primarily used by internal users such as company managers. Financial Accounting Primarily aimed at external users such as investors, creditors, and government agencies. B. The GAAP Requirement Managerial Accounting Generally accepted accounting principles is optional. Use any reporting convention that is useful to management. Financial Accounting Publicly traded companies and many private companies use generally accepted accounting principles for financial accounting. C. The Level of Detail Managerial Accounting Managers need detailed information to plan, control, and make decisions about different organizational areas. Financial Accounting External users of information are often satisfied with more summarized information. D. The Emphasis on Nonmonetary Information Managerial Accounting Monetary information is supplemented with additional detail such as quantity of materials used, number of labor hours, etc. Financial Accounting Primarily includes information regarding assets, liabilities, equity, revenues, expenses, and cash flows. E. The Time Frame of Focus Managerial Accounting Uses past performance to the extent it is useful in making predictions about the future. Financial Accounting Primarily presents the results of past transactions. III. Variable vs. Fixed Costs Variable Cost