ACC 406 Lecture Notes - Lecture 1: List Of Fables Characters, Securities Fraud, Continual Improvement Process

• School: Ryerson University
• Department: Accounting
• Course: ACC 406
• Professor: Alison Beavis

Document Summary

Intro to managerial accounting chapter 1: p(cid:396)o(cid:448)ides a(cid:272)(cid:272)ou(cid:374)ti(cid:374)g i(cid:374)fo(cid:396)(cid:373)atio(cid:374) fo(cid:396) a (cid:272)o(cid:373)pa(cid:374)y"s i(cid:374)te(cid:396)(cid:374)al use(cid:396)s, not bound by gaap or ifrs, designed to provide information for ; Exhibit 1. 1 uses of managerial accounting information. Accounting system: needs to be flexible enough to provide both financial and managerial accounting information. January 19, 2017: the key point here is flexibility the system should be able to supply different information for different information for different purposes. Current focus of managerial accounting: changes in technology, transportation, and communication have resulted in a new focus; New methods of costing products and services such as activity-based costing. Emphasis of time as a competitive element. Time is money improve efficiency production of goods, more effective way of using less steps. New methods of costing: 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.