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4 Cards in this Set
- Front
- Back
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How is financial accounting different from management accounting? |
Financial accounting is used to develope reports used for decision making by external users using GAAP. Management accounting is used to provide future oriented information to help make internal decisions. |
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How do management accountants support strategic decisions? |
Management accountants contribute to strategic decisions by providing information about the sources of competitive advantage |
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How do companies add value, and what are the dimensions of performance that customers are expecting of companies? |
Companies that value through research and development, design of products and processes, production, marketing, distribution, and customer service. Customers want companies to deliver performance through cost and efficiency, quality, timeliness, and innovation. |
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How do managers make decisions to implement strategy? |
5 step decision making process. 1 identify the problem 2 obtain information 3 make predictions about the future 4 make decisions by choosing from the alternatives 5 implement the decision, evaluate performance, and learn |
