ACC 406 Lecture Notes - Lecture 1: Finished Good, Gross Margin, International Financial Reporting Standards

• School: Ryerson University
• Department: Accounting
• Course: ACC 406
• Professor: Nicholas Bordignon

Document Summary

Not bound by gaap (generally accepted accounting principles) or ifrs (international. Controlling make sure plan is working and comparing the plan to the actual outcome. Decision making expanding, changing the way you do something. Logic, making calculations, making money or not?, Performance of entities, product lines, departments, and managers. Acc 406 managerial economics, industrial engineering, management science, etc. Includes historical events, but focuses on future events. Needs to be flexible enough to provide both financial and managerial accounting information. The key point here is flexibility the system should be able to supply different information for different purposes. Developments in technology, transportation, and communication have created the need for better information. In response to the need for better information, activity-based management accounting systems were developed. More detailed approach to determining cost of goods and services. Emphasizes cost of many activities or tasks that must be done to produce a product.