Management and Organizational Studies 1023A/B Study Guide - Midterm Guide: Root Mean Square

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1023A/B
• Professor: Barry Hawn

Document Summary

Mos 1023 ch 4 & 5: period costs = below pro t margin, product costs = above pro t margin, permanent differences of income tax = something that applies to accounting rules that will never apply to tax rules. Fraud examination standards: planning and supervision, need to understand the system of internal controls, the auditor is explicitly required to design procedures to detect fraud. Types of audits: tax (**income tax act, compliance, operational, financial statement. Responsibility accounting: accounting information is structured by responsibility centre. Used to measure performance and to provide information or decision making by responsibility centre manager. Developed to motivate, evaluate, and reward only on what we can control. Planning = acquiring business information and planning for future business operations. Control = relates to motivating, monitoring, and evaluating performance. Involve examining past performance, with the purpose of improving subsequent plans.