CHAPTER 1
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THE CHANGING ROLE OF MANAGERIAL
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ACCOUNTING IN A DYNAMIC BUSINESS ENVIRONMENT
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Learning Objectives
Upon the successful completion of Chapter one, you should be able to:
1.
Define managerial accounting and describe its role in the management process.
2.
Explain four fundamental management processes that help organizations attain their goals.
3. List and describe five objectives of managerial accounting activity.
4. Explain the major differences between managerial and financial accounting.
5. Explain where managerial accountants are located in an organization, in terms of formal organization, deployment in cross-functional teams, and physical location.
6. Describe the roles of an organization’s chief financial officer (CFO) or controller, treasurer, and internal auditor.
7. Briefly describe some of the major contemporary themes in managerial accounting.
8. Understand the ethical responsibilities of a managerial accountant.
9. Discuss the professional organizations, certification process, and ethical standards in the field of managerial accounting.
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