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Samenvatting Financial Management And Tax

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  • January 6, 2023
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  • 2022/2023
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SUMMARY MANAGEMENT ACCOUNTING
MANAGERIAL ACCOUNTING
Managerial accounting provides economic and financial information for managers and other internal users.




DIFFERENCE BETWEEN MANAGERIAL AND FINANCIAL ACCOUNTING




Financial = external users  according to GAAP

Managerial = internal users (in order to follow up a status of a project, in order to take some decisions)




MANAGEMENT FUNCTIONS

Planning:

- Maximize short-term profit and market share.
- Commit to environmental protection and social programs.
- Add value to the business.



Directing:

- Coordinate diverse activities and human resources.
- Implement planned objectives.


1

, - Provide incentives to motivate employees.
- Hire and train employees.
- Produce a smooth-running operation.



Controlling:

- Keeping activities on track.
- Determine whether goals are met.
- Decide changes needed to get back on track.
- May use an informal or formal system of evaluations.

ORGANIZATION CHART

Organization charts show the interrelationships of activities and the delegation of authority and
responsibility within the company.




2

, 1. Managerial accountants have a single role within an organization, collecting and reporting costs to
management.  FALSE

2. Financial accounting reports are general-purpose and intended for external users.  TRUE

3. Managerial accounting reports are special-purpose and issued as frequently as needed.  TRUE

4. Managers’ activities and responsibilities can be classified into three broad functions: cost accounting,
budgeting, and internal control.  FALSE

5. Managerial accounting reports must now comply with generally accepted accounting principles
(GAAP).  FALSE




MANUFACTURING COSTS
Manufacturing consists of activities and processes that convert raw materials into finished goods.




Raw materials: Basic materials and parts used in manufacturing process.

Direct materials: Raw materials that can be physically and directly associated with the finished product during
the manufacturing process.




Indirect materials:  considered as part of manufacturing overhead


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