ACC 240 Lecture Notes - Lecture 20: Ethical Code, Value Proposition, Disclose
FINANCIAL ACCOUNTING
Concerned with reporting financial information to external parties, such as stockholders, creditors, and
regulators.
MANAGERIAL ACCOUNTING
Concerned with providing information to managers for use within the organization.
COMPARISON BETWEEN FINANCIAL AND MANAGERIAL ACCOUNTING
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SEGMENT
A part or activity of an organization about which managers would like cost, revenue, or profit data.
PLANNING
Involves establishing goals and specifying how to achieve them
CONTROLLING
Involves gathering feedback to ensure that the plan is being properly executed or modified as
circumstances change.
DECISION MAKING
Involves selecting a course of action from competing alternatives.
BUDGET
A detailed plan for the future that is usually expressed in formal quantitative terms.
PERFORMANCE REPORT
Compares budgeted data to actual data in an effort to identify and learn from excellent performance
and to identify and eliminate sources of unsatisfactory performance.
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Document Summary
Concerned with reporting financial information to external parties, such as stockholders, creditors, and regulators. Concerned with providing information to managers for use within the organization. A part or activity of an organization about which managers would like cost, revenue, or profit data. Involves establishing goals and specifying how to achieve them. Involves gathering feedback to ensure that the plan is being properly executed or modified as circumstances change. Involves selecting a course of action from competing alternatives. A detailed plan for the future that is usually expressed in formal quantitative terms. Compares budgeted data to actual data in an effort to identify and learn from excellent performance and to identify and eliminate sources of unsatisfactory performance. Focuses on the planning, controlling, and decision-making skills that are important to nonpublic accounting employers. Ethical code adopted by the ima detailing the ethical responsibilities of management accountants.
