ACCT-346 Week 1 Discussion: Managerial Versus Financial Accounting, Ethics, and Ethical Behavior (GRADED A+)
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ACCT 346
Institution
DeVry University, Chicago
Week 1: Introduction to Managerial Accounting - Discussion Managerial and Financial Accounting (graded) Flexibility, timeliness, and forward looking is said to be the prominent trait of modern mana gement accounting, whereas standardization and consistency describe financial accounting. Explain why...
acct 346 week 1 discussion managerial versus financial accounting
and ethical behavior graded a
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DeVry University, Chicago
ACCT 346
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Week 1: Introduction to Managerial
Accounting - Discussion
Managerial and Financial Accounting (graded)
Flexibility, timeliness, and forward looking is said to be the prominent trait of modern management accounting,
whereas standardization and consistency describe financial accounting. Explain why the focus on these two
accounting systems differs.
Responses
Responses are listed below in the following order: response, author and the date and time the
response is posted.
Response Author Date/Time
Class Professor Backman 10/18/2012 4:29:46 AM
Let's start off by discussing the goal of managerial accounting.
What is the goal of managerial accounting?
How do managerial goals differ from the goals of financial accounting?
What are the differences between managerial and financial accounting?
RE:
11/3/2012 11:30:29 PM
Class Leon Kiyonga
When we take internal decision then all information is provided by
managerial accounting and this all is done with proper planning and with
strict purpose. All decisions are done with the help of mangers as they take
information from accounts. When we deal with financial accounts they never
give exact knowledge of the internal decision made by the company. Manager
should know all the small details like value of the product and the cost of the
,service. In this way manager decide the future of the company by seeing all
the details in full form. Every smaller detail is needed to forecast the future of
the company for this managerial accounting is the best as compared to
financial accounting. To form a product line as well as to deal with the pricing
of the product, buying new tools and replacing the old one, all is done as
internal decision of the company.
RE:
11/4/2012 7:15:41 PM
Class Nicole Rochester
Managerial accounting deals with the internal users of information of a
company and financial accounting deals with the external users of
information such as investors, creditors, and the like.
The goals differ in that managerial accounting
1. is optional
2. relays information to internal managers
3. reports nonmonetary information
The differ in the financial accounting
1. is requred
2. information is presented in summarized formation
3. relays information externally
(Jiambalvo, 2010)
Jiambalvo, J. (2010). Managerial accounting, 4th edition. John Wiley and
Sons, Inc., page 4
RE:
10/31/2012 7:56:41 PM
Class Irene Turay
The goal of a managerial accounting is to analyze and process informations
that can help managers in an organization to make decisios.
, RE:
10/31/2012 6:34:04 PM
Class Stacey Wilson
The primary goal of managerial accounting is to provide information that is
needed for planning, control and decision making.
The main difference between managerial and financial accounting is that
managerial accounting is aimed at internal users while financial accounting is
for external users of accounting information like investors.
RE:
11/2/2012 7:16:39 PM
Class Irene Turay
This is true Stacey the difference between managerial and financial
accounting is that the managerial accounting is mostly use for
internal organization which provides analyzing and communicating
informations. Then financial accounting focuses on external things.
RE:
10/31/2012 9:20:57 PM
Class Ashley Taylor
The goal of managerial accounting is to provide information needed for planning,
control, and decision making. Financial accounting is more about procedures for
preparing external reports. While managerial accounting is used to create reports for
internal use. Financial accounting is concerned with past transactions while
managerial accounting is used to focus on future decisions.
According to the book the main differences are:
1. Managerial accounting is directed at internal rather than external users of
accounting information.
2. Managerial accounting may deviate from generally accepted accounting principles
(GAAP).
3. Managerial accounting may present more detailed information.
4. Managerial accounting may present more nonmonetary information.
5. Managerial accounting places more emphasis on the future. (Jiambalvo 7)
Jiambalvo. Managerial Accounting, 4th Edition. John Wiley & Sons.
, Ashley Professor Backman 11/1/2012 4:11:01 AM
How would economic factors like interest rates, inflation,
unemployment and competition impact planning?
RE:
11/2/2012 7:47:33 PM
Ashley Thomas Ponce
Haha I have to say that all those mentioned would greatly affect planning. I would
imagine that an account planner would have to look at all these factors before
implementing any decisions. Interest rates have a direct affect with loans and thus
affecting marketing expenditures. Inflation is also another staller key, watching the
dollar fall and rise affects decision making when it comes to costs. As far as
unemployment goes account planning must be precise and layoffs could be required
to save money, of course that goes with the increase of productivity from other
employees. If done carefully you can make quite a turn-around, or just simply cause a
disaster.
Economic factors would greatly influence planning
because such things as interest rates and inflation would
affect the firms ability to borrow and loan money out. High
Interest rates at banks affect the firms payments to the bank
and other lenders for funds borrowed for future expansion
projects and research and development. Additionally the
firm may need to charge high interest rates to companies and
individuals who borrow from the firm. Unemployment can
affect planning because the company usually used may have
hit a hard bump in the road and had to let go some of its
workers that usually did work for your firm and now you
either have to wait for a new team that is just as good or
better or hope that the firm rehires the team back or just go
with another company altogether. On the other hand at the
firm itself,you could suffer losses that require you to let
employes go which would affect you ability to produce or
provide the usual serve that you normally did before.
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