1.1: Characteristics of Managerial Accounting | Characteristic of managerial accounting
Finally, managerial accounting information often takes the form of nonfinancial measures. For example, Sportswear Company might measure the ...SkiptomaincontentFollow-UpatSportswearCompanyPlanningControllingEvaluatingLearningObjectivesComparecharacteristicsoffinancialandmanagerialaccountingManagerialaccounting focusesoninternalusers—executives,productmanagers,salesmanagers,andanyotherpersonnelwithintheorganizationwhouseaccountinginformationtomakeimportantdecisions.ManagerialaccountinginformationneednotconformwithU.S.GAAP.Infact,conformancewithU.S.GAAPmaybeadeterrenttogettingusefulinformationforinternaldecision-makingpurposes.Forexample,whenestablishinganinventorycostforoneormoreunitsofproduct(eachjerseyorhatproducedatSportswearCompany),U.S.GAAPrequiresthatproductionoverheadcosts,suchasfactoryrentandfactoryutilitycosts,beincluded.However,forinternaldecision-makingpurposes,itmightmakemoresensetoincludenonproductioncoststhataredirectlylinkedtotheproduct,suchassalescommissionsoradministrativecosts.Anothercharacteristicofmanagerialaccountingdataisitshighlevelofdetail.AsnotedintheopeningdialoguebetweenthepresidentandaccountantatSportswearCompany,thefinancialinformationintheannualreportprovidesageneraloverviewofthecompany’sfinancialresultsbutdoesnotprovideanydetailedinformationabouteachproduct.Information,suchasproductprofitability,wouldcomefromthemanagerialaccountingfunction.Finally,managerialaccountinginformationoftentakestheformofnonfinancialmeasures.Forexample,SportswearCompanymightmeasurethepercentageofdefectiveproductsproducedorthepercentageofon-timedeliveriestocustomers.Thiskindofnonfinancialinformationcomesfromthemanagerialaccountingfunction.Table1.1.1summarizesthecharacteristicsofbothmanagerialandfinancialaccounting.Table1.1.1:ComparisonofFinancialandManagerialAccounting ManagerialAccountingFinancialAccountingUsersInsidetheorganizationOutsidetheorganizationAccountingrulesNoneU.S.GenerallyAcceptedAccountingPrinciples(U.S.GAAP)TimehorizonFutureprojections(sometimesh
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