After reading this chapter, you should be able to answer the following questions:
In what way does accounting support accountability within companies?
What are the key functions of accounting?
How is management accounting different from financial accounting?
How is financial and management accounting information used within organizations?
What are some examples of practical applications of accounting by companies?
What are some key developments in the role of accounting that are influencing planning, decision making, and control within organizations?
This chapter introduces financial and management accounting and explains the differences between these two types of accounting practices and the importance of both in today's multidivisional, multiproduct organizations. Also discussed are recent developments that have influenced the ...