Introduction to Managerial Accounting Case Mod 1

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This first case is about reading, researching, and familiarizing yourself with the purpose and importance of management accounting in today’s organization. Managerial accounting is both about understanding concepts and ability to read and analyze fiancial information for internal use. Accordingly, this course is a mixture of reading, research, computations, and analysis. Reading the background material for a basic understanding and then doing additional research to elaborate on the ideas is the approach for this first case. Discuss and analyze the difference between managerial and financial accounting. Pay particular attention to: • How is managerial accounting different from financial accounting? • Comment on the different needs and use of financial information for internal purposes. • The managerial accounting profession and its role in today’s business environment. How has it changed over time? • Comment on the Certified Management Accountant (CMA) designation. Modular Case Expectations It is important to answer the questions above. The discussion should be three to five pages and written in a clear and concise manner. Support your discussion with references in APA format. You are encouraged to use Excel or other compatible spreadsheet when computations are involved. Abstract: Managerial accounting is the ability to read and analyze financial information for internal use. Managerial accounting is not as rigid in format as financial accounting and allows reports to be tailored to support specific research. Financial Accounting, required by law is the reporting of the company’s financial position over a period such as quarterly or annually, using GAAP approved accounting methods The Difference Between Managerial and Financial Accounting Managerial Accounting Versus Financial Accounting Managerial accounting is the broadest area of accounting.

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