Management Accounting: The Cornerstone for Business Decisions

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Presentation transcript:

Management Accounting: The Cornerstone for Business Decisions Chapter 1 Introduction to Management Accounting Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved.

Learning Objectives Explain the meaning of management accounting. Explain the difference between management accounting and financial accounting Identify and explain the current focus of management accounting.

Learning Objectives Describe the role of management accountants in an organization. Explain the importance of ethical behavior for managers and management accountants. Identify three forms of certification available to management accountants.

What is management accounting? What are its three objectives?

Illustration of Management Accounting Information

Match Definitions Planning Monitoring a plan’s implementation and taking corrective action Control Choosing among competing alternatives Decision Making Information of action to achieve a particular end

Differentiate Between Managerial & Financial Accounting

What is the current focus of managerial accounting?

Describe the Value Chain

Describe the Role of the Management Accountant

Define Line and Staff Line Staff

What is ethical behavior?

Match the Certification to the Organization that Sponsors it CPA Institute of Internal Auditors IIA Institute of Management Accountants IMA CMA American Institute of Certified Public Accountants AICPA CIA