Dr. Andrews: Hello, And Welcome To Managing Financ

DR. ANDREWS: Hello, and welcome to managing financial resources. For the second part of the media that we'll be looking at on this session relates to the second half of the module, which is management accounting and also longer-term financing of projects. In the first few weeks of the module, you focused on the financial-accounting aspects of accounting information, and for the second half of the module, you're going to be focusing on managerial accounting. And in particular, the focus is for internal information for decision making, and that's quite a contrast to financial accounting, which, as we've already seen, looks at external reporting. And what management accounting is all about is how efficiently the company allocates its resources. And typically, those resources will be scarce resources because any organisation does not have an unlimited amount of resources. It's got a constraint. And in an ideal world, it would like to pursue every single opportunity that it could. But we're not in an ideal world, and it's not able to do that. So, a few core topics in terms of managerial accounting relating to costing and budgeting is what you'll be looking at. But it's also important to realise