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Ch 1: Corporate Governance for Managerial Accounting

About This Chapter

The engaging video and text lessons featured in this chapter focus on teaching you about corporate governance for managerial accounting. Use the quizzes at the end of each lesson to measure your knowledge.

Corporate Governance for Managerial Accounting - Chapter Summary and Learning Objectives

Corporate governance includes how companies are controlled, owned and operated. This concept has obvious importance in the managerial world and impacts accounting in various ways. In this chapter, break down managerial tasks like strategic management and risk planning. Further assess specifics to managerial accounting to better understand its function, legal issues and ethics. Some lessons are videos narrated by instructors, while others are text lessons with key terms in bold type. In both, you can take quizzes to measure your understanding of the topics. The information in this chapter includes:

  • The functions of management and managerial accounting
  • What corporate structure is
  • Ways internal controls are used in accounting
  • The strategic management process
  • The elements of risk management
  • Definitions for manufacturing business
  • How managerial accounting is distinguished from financial accounting
  • Legal considerations, rules and regulations in accounting
  • Ethical considerations in accounting and corporate social responsibility
  • What the current trends are in managerial accounting

Lesson Objective
Business Environments & the Four Functions of Management Analyze the four key functions of management and review the forces that impact them.
What Is Corporate Structure? - Definition, Types & Examples Evaluate the main concepts of corporate structure to learn how they are controlled, owned and operated.
Internal Controls in Accounting: Definition, Types & Examples Report the rules and regulations that are a part of accounting and analyze examples of these guides.
The Strategic Management Process Dissect the strategic management process and the four main steps that provide its foundation.
Risk Planning for Project Management Outline the elements of the risk management plan and learn why it is important to define possible project risks.
What Is a Manufacturing Business? - Definition & Examples Assess the methods manufacturing business uses to make products.
What Is a Manufacturing Process? - Steps, Overview Explain the manufacturing process from start to finish.
The Importance of Ethics in Accounting Break down the role of ethics in managerial accounting and review examples of ethical issues in accounting.
The Sarbanes-Oxley Act Consider the provisions set out by the Sarbanes-Oxley Act of 2002 and why they are important.
Managerial Accounting Functions Classify the functions of managerial accounting, including management planning and financial monitoring.
Managerial Accounting vs. Financial Accounting Differentiate between managerial and financial accounting.
Internal Controls in Managerial Accounting Explain the objective of internal controls used in managerial accounting and which methods are used.
Legal Considerations When Making Business Decisions Dissect what legal considerations must be taken into account during the decision making process.
Business Ethics: Corporate Social Responsibility Focus on the theories of social responsibility and learn the arguments surrounding this topic.
Current Trends in Managerial Accounting Explain how trends, like changing technology or global competition, lead to new and innovative thinking.

5 Lessons in Chapter 1: Corporate Governance for Managerial Accounting
Test your knowledge with a 30-question chapter practice test
The Importance of Ethics in Accounting

1. The Importance of Ethics in Accounting

Ethics - are they really important in accounting? In this lesson, we will discuss what ethics are and what role they play in accounting; we'll also review a case that is deeply rooted in ethics. In the end, we will decide whether or not ethics are important in accounting.

Managerial Accounting Functions

2. Managerial Accounting Functions

Managerial accounting is used to improve the efficiency of the management process by focusing on management planning, cost controls and financial monitoring to ensure the financial success of departments and the overall company.

Managerial Accounting vs. Financial Accounting

3. Managerial Accounting vs. Financial Accounting

In this lesson, we'll review the differences between managerial and financial accounting as it pertains to audience, purpose, and statement preparation. You'll also learn about the GAAP and IFRS regulatory standards.

Internal Controls in Managerial Accounting

4. Internal Controls in Managerial Accounting

In this lesson, we'll learn about internal controls in managerial accounting. Internal accounting controls govern a company's financial system, and are important when it comes to safeguarding a company's financial information.

Current Trends in Managerial Accounting

5. Current Trends in Managerial Accounting

This lesson will discuss the current trends in managerial accounting and how factors such as globalization, changing technology, and social responsibility affect managerial accounting in today's business world.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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