ACCT 201 final: AIS_FINAL

• School: University of La Verne
• Department: Accounting
• Course: ACCT 201

Document Summary

The responsibility center file contains the revenues, expenditures, and other resource utilization data for each responsibility center in the organization. The mrs draws upon these data for input in the preparation of responsibility reports for management: list the primary users of the frs, and discuss their information needs. Outside user of information are interested in the performance of the organization as a whole. The first step is the xbrl taxonomy, taxonomies are classification schemes that ere compliant with xbrl specifications to accomplish a specific information exchange or reporting objective such as filing with sec. It is where data are organized and labeled according to reporting company"s internal needs and conventions: explain how the formalization of tasks promotes internal control. A formalization of tasks clearly specifies the responsibilities of a certain job position. The principle of management by exception is that managers should limit their attention to potential problem areas rather than being involved with every activity or decision.