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Managerial Accounting Concepts and Principles

A Look at This ChapterWe begin our study of Managerial ac-counting by explaining its purpose and describing its major characteristics. We also discuss cost Concepts and describe how they help managers gather and orga-nize information for making decisions. The reporting of manufacturing activities is also Look AheadThe remaining chapters discuss the types of decisions managers must make and how Managerial Accounting helps with those decisions. The first of these chap ters, Chap ter 2, considers how we mea sure costs assigned to certain types of Accounting Concepts and Principles CAPL earning Objectives1 CONCEPTUALC1 Explain the purpose and nature of, and the role of ethics in, Managerial Accounting . (p. 4)C2 Describe Accounting Concepts useful in classifying costs. (p. 8)C3 Define product and period costs and explain how they impact financial statements.

6 Chapter 1 Managerial Accounting Concepts and Principles Users and Decision MakersCompanies accumulate, process, and report financial ac- counting and managerial accounting information for different groups of decision makers. Finan-cial accounting information is provided primarily to external users including investors, creditors,

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