Introductory Cost/Managerial Accounting
Accounting starts with economic activities that accountantsreview and evaluate using critical thinking and judgement to createuseful information that helps individuals make good decisions.
Please discuss the following:
Financial accounting focuses on preparing financial statementsfor external users and managerial accounting focuses on the toolsmanagers use internally. With this in mind, how must an accountanttailor their scope and time dimension of information, as well astheir behavior to fulfill these roles?
In order to be successful, managers must consider recentbusiness trends (some include time-based competition, total qualitymanagement, and a shift toward a service economy). Pick a recentbusiness trend and explain how it relates to managerialaccounting.
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