Managerial Accounting

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Part I Introduction to Managerial Accounting1 Introduction to Managerial Accounting1-1LEARNING OBJECTIVES.INTRODUCTION.THE NEED FOR MANAGERIAL ACCOUNTING INFORMATION.ACCOUNTING SYSTEMS AND THE MANAGEMENT PROCESS.Identifying and Gathering Information on Transactions.Preparing Reports.Using Reports for Decisions and Activities.Feedback.The Role of Accountants in the Management Process.LOCATION OF THE ACCOUNTING FUNCTION.OVERVIEW OF THE MANAGERIAL ACCOUNTING FUNCTION.Preparing Budgets and Devising Standards.Accumulating Data on Costs and Profits.Comparing Actual Activity with Plans or Budgets.Advising Management About Nonroutine Decisions.SUMMARY.KEY DEFINITIONS.QUESTIONS.EXERCISES AND PROBLEM…