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Introduction to Cost and Management Accounting, Accounting Step-by-Step by Mike Werner

Introduction to Cost and Management Accounting - Accounting Step-by-Step by Mike Werner In this video, we introduce Management Accounting. Sometimes management accounting is called managerial accounting or cost accounting. Management accounting provides information to company managers and employees. Unlike financial accounting information, which is prepared for outside investors, creditors and others outsiders, management accounting information is prepared for insides, that is, it’s prepared for managers and other employees of an organization. The video is a general introduction to cost/management/managerial accounting and covers material presented in the first chapter of most cost and management accounting textbooks. The video compares management accounting and financial accounting with respect to their purposes, primary users, historical/future orientation, regulations, timeliness and level of detail. The video introduces ways management accounting can help managers with decision making, planning, control, performance evaluation and encouraging performance. The video also introduces where accounting fits into the organizational structure with respect to line/staff positions and the functions of the Chief Financial Officer (CFO), controller and treasurer. The value chain and how it relates to product costs is also introduced