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Managerial Accounting – Chapter 1 Terms – Study Guide – Lecture Summary and Key Concepts

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This document is a study guide for Chapter 1 of Managerial Accounting, focusing on key terminology and foundational concepts. It covers essential topics such as cost behavior, managerial decision-making, financial vs. managerial accounting, and basic accounting principles used in business environments. The material is structured to support revision, vocabulary understanding, and exam preparation for students in accounting, finance, and business-related courses.

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Managerial
Managerial Accounting Acco
Chapter unting
1 Terms Chapter
Study Guide 1 Terms
Study this set o nline at: https://www.cram.co m/flashcards/managerial-acco unting-
chapter-1-terms-3049921




strategy -"game pl an" -attracts customers -di sti ngui shes i tsel f f rom competi tors




a "game pl an" that enabl es a company to attract customers by di sti ngui shi ng i tsel f
strategy
f rom competi tors




the del egati on of deci si on-maki ng authori ty throughout an organi zati on by gi vi ng
D ecentral i zati on
managers the authori ty to make deci si ons rel ati ng to thei r area of responsi bi l i ty.




the del egati on of deci si on-maki ng authori ty throughout an organi zati on by gi vi ng
D ecentral i zati on
managers the authori ty to make deci si ons rel ati ng to thei r area of responsi bi l i ty.

, Managerial
Managerial Accounting Acco
Chapter unting
1 Terms Chapter
Study Guide 1 Terms
Study this set o nline at: https://www.cram.co m/flashcards/managerial-acco unting-
chapter-1-terms-3049921




organi zati on chart -shows how responsi bi l i ty i s di vi ded among managers -shows chai n of command.




shows how responsi bi l i ty i s di vi ded among managers and shows f ormal l i nes of
organi zati on chart
reporti ng and communi cati on, or chai n of command.




chai n of command f ormal l i nes of reporti ng and communi cati on




f ormal l i nes of reporti ng and communi cati on chai n of command

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