COMM 305 Lecture Notes - Lecture 1: Total Quality Management, Formal System
4 Dec 2018
School
Department
Course
Professor
Document Summary
De nition: a eld of accounting that provides economic and nancial information for managers and other internal users. Applies to all types of businesses (service, merchandising, and manufacturing) Applies to all forms of businesses (proprietorships, partnerships, corporations) Require that economic events be quanti ed and communicated to interested parties. Managerial- internal users, internal reports, reports as frequently as needed, special purpose, no independent audits. Financial- external users, nancial statements, quarterly and annual reports, general purpose, audit by independent accountant. Objectives such as maximizing short term pro t, long term sustainability/growth and committing to environmental protection. Add value to the business (measured by trading price of stock and potential sell price of company) Decide on the changes needed to get back on track. Good decision making is the outcome of good judgement in planning, directing and controlling. Identify the interrelationships of activities, delegation of authority and delegation of responsibility. Responsibilities in company are often classi ed as line or staff positions.
