Prologue

Question 1

Managerial Accounting focuses on ___ users. Financial Accounting focuses on ___ users.

Answer 1

Managerial
-internal users

Financial
-external

Question 2

If you are doing Managerial Accounting, do you have to follow GAAP/IFRS?

Answer 2

You do not have to follow GAAP/IFRS if you are doing managerial accounting b/c only reporting to internal users

Question 3

What are the 3 basic functions of managers?

Answer 3

Planning
Controlling
Decision Making

Question 4

3 Broad Categories of customer value Propositions?

Answer 4

Customer Intimacy
-we meet customers needs better than competitors

Operational Excellence
-we deliver products faster and more conveniently (less cost) than competitors

Product Leadership
-we offer a higher quality of product than competitors

Question 5

4 things Managerial Accountants Emphasize?

Answer 5

Emphasize Timeliness
Emphasize Decisions affecting the future
Emphasize Segment Reports
Emphasize Relevance