Chapter 1-1

Accounting 225: Fundamentals of Managerial Accounting Prologue: Introduction to Managerial Accounting Chapter 1: Cost Classifications Wendy Baesler, PhD
Financial Managerial Users Time Frame Information Attributes Objectivity Relevance & Entity Focus Guidance GAAP/IFRS Need not follow 1
Financial Managerial Users External Owners, Creditors, Regulators Tax authorities, Internal Managers to make decisions Time Frame Historical Report past results Future Oriented Now and future Information Attributes Objectivity Verifiability Precision compliance Relevance & Timeliness decision-making Entity Focus Company-wide reports Segment reports Guidance GAAP/IFRS authoritative mandatory Need not follow GAAP requirements But GAAP has effects 2 subjentive deput hents
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