In any business environment, effective managers must learn how to plan and control their businesses--especially while having to navigate all the different aspects of today's business environment. Savvy managers can do so through managerial accounting. Managerial accounting helps managers both make plans and then determine how successful those plans were in the aftermath--so they can then plan again for the future.

This chapter introduces the concept of managerial accounting in its basics--including how to account for trends in today's business environment, how to manage each of three different types of companies (service, merchandising, and manufacturing), and how to navigate cost classification.

Module Outcomes: