chapter 14

Managerial accounting

May be subjective

Financial accounting

Typically prepared quarterly or annually

Managerial Accounting

May measure time or customer satisfaction

Managerial Accounting

Future oriented

Managerial Accounting

Has a greater emphasis on cost benefit analysis

Financial Accounting

Keeps records of assets and liabilities

Financial Accounting

Highly aggregated statements

Financial accounting

Must conform to external standards

Managerial accounting

Special purpose reports

Managerial accounting

Decision making tool

Financial accounting

Income statement, balance sheet, and statement of cash flows

Strategy

Budget time for study sleep, and relaxation

Mission

Provide shelter for the homeless

Mission

Provide an above average return to investors

Mission

Protect the public

Goal

Locate fire stations so that the average response time is less than five minutes

Strategy

Overlap police patrol so that there are always police cars on major the thoroughfares

Goal

Achieve of 12% market share

Strategy

Lower prices and costs

Strategy

Select the most scenic route to drive between Las Vegas and Denver

Mission

Graduate from college