From the course: Accounting Foundations: Managerial Accounting
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The purpose of managerial accounting
From the course: Accounting Foundations: Managerial Accounting
The purpose of managerial accounting
- An important facet of the DuPont story is that no government regulations or accounting rules prompted DuPont to develop the ROI analysis. Instead, the managers of DuPont were motivated by a desire to run their business better. They hoped that the ROI measurements would help them make better decisions than their competitors. In short, good management accounting is a competitive tool. Because management accounting is a competitive tool, the practice of management accounting involves innovation, experimentation, diversity, success, and sometimes failure as businesses tinker with their management accounting systems. Remember that a good business is always re-examining its internal information system to see whether it can coax any better data out of the system. As a result, there are best practices in management accounting, which you will learn in the succeeding topics. The DuPont story is an example of how management…
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