COMM 2102 Chapter Notes - Chapter 1: Enterprise Risk Management, Business Process, Corporate Social Responsibility
4 Apr 2016
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Document Summary
Managerial accounting: the form of accounting concerning providing information to managers for use in planning and controlling operations and for decision making. Financial accounting: the form of accounting providing information to shareholders, creditors, and others outside the organization. Planning: developing goals and specifying how to achieve them. Directing and motivating: mobilizing people to carry out plans and run routine operations. Controlling: gathering feedback to ensure than the plan is being properly executed or modi ed as necessary. Decision making: selecting a course of action from among alternatives. Budget: a quantitative plan for acquiring and using nancial and other resources over a speci ed future time period. Decentralization: the delegation of decision making throughout an organization by providing managers at various operating levels with the authority to make key decisions relating to their areas of responsibility. Line position: a job position that is directly related to the achievement of the organizations basic objectives.
