Chapter 1

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Chapter 1. . accounting I NFORMATION. AND M ANAGERIAL D ECISIONS. ng ni Study Tools A Preview of This Chapter LEARNING OBJECTIVES. In Chapter 1, we begin the study of managerial ac- counting by discussing what is meant by accounting information and how accounting information is used by both internal and external users to make deci- sions. The Chapter also describes the decision-making ar After studying the material in this Chapter , you should be able to: LO1 Understand the uses and users of accounting Le role of managers in organizations, provides a decision information framework for assessing those decisions, and dis- LO2 Understand the decision-making role of cusses the role of relevant factors, risk, and ethics in managers decision making. LO3 Apply a basic four-step decision-making Key concepts include: model accounting information includes both financial n (quantitative) and nonfinancial (qualitative) infor- LO4 Evaluate the role of relevant factors and decision mation used by decision makers.

Thomson Learning™ CHAPTER 1 Accounting Information and Managerial Decisions 5 emphasized. The uses of ERP systems as decision-making tools are discussed more fully in Chapter 13. At this point, it is important simply to understand that in order to provide

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