ACCT 2302 Lecture Notes - Lecture 2: Consumer Reports, Costco, Competitive Advantage
Document Summary
Managerial acct providing acct information for a company"s internal users. Don"t have to follow policies and procedures like financial. But if said info is audited then follow gaap. Gaap procedures accts have to follow to make sure info is accurate info (group of procedures) Is not bound by generally accepted acct principles (gaap) 45 million dollars to audit ge (general electric) Expensive because have to do procedures of gaap. Managerial acct has three broad objectives (why we need info): to provide info for planning the organization"s actions, to provide info for controlling the organization"s actions, to provide info for making effective decisions. The detailed formulation of an action to achieve a particular ending. Setting objectives identifying methods to achieve those objectives. The monitoring a plan"s implementation and taking corrective action as needed is controlling. The process of choosing among competing alternatives is called decision making. Financial external, all done, already occurred: provide for investors, stockholders, regulars, follow rules defined by.
