Controlling
Management accounting involves providing information, both financial and non-financial, to management and employees to aid in planning, organizing activities, and monitoring and controlling business performance. Management accounting focuses on the information needs of internal decision makers, i.e., insiders looking inside the business. Financial accounting, the previous accounting course, focused on providing information to external decision makers, i.e., outsiders looking inside the business. The design of managerial accounting information is governed by the need to focus on business strategy and its execution in order to create value for customers, rather than information to satisfy external regulatory requirements. The role and importance of management accounting has changed as businesses have become more competitive, global, and fast-paced. This course will focus on cost structure, product and customer profitability, continuous improvement in operations/activities, product design and pricing, aligning strategy and performance using the balance scorecard, budgeting and variance analysis, and divisional performance measurement. The course will have a strong emphasis on both quantitative and qualitative approaches.
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