ACCT 2230 Chapter Notes - Chapter 1: Enterprise Risk Management, Customer Satisfaction, Corporate Social Responsibility

• School: University of Guelph
• Department: Accounting
• Course: ACCT 2230
• Professor: Alireza Talebi

Document Summary

Chapter 1 - managerial accounting and the business environment. The role of the management accountant in value creation. Today"s management accountants are expected to have expertise in cost management, performance measurement, and risk management. Management accountants are expected to adhere strictly to a high standard of professional ethics. 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 concerning providing information to shareholders, creditors, and others outside the organization. Managerial accounting concerns determining + developing internal accounting information as a tool for helping managers make business decisions that satisfy customers while constantly monitoring cost and improving efficiencies requires mas to prepare a variety of reports. The work of managers and their need for managerial accounting information. Planning: developing goals + specifying how to achieve them. Directing + motivating: mobilizing ppl to carry out plans + run routine operations.