COMM-2016EL- Midterm Exam Guide - Comprehensive Notes for the exam ( 25 pages long!)

• School: Laurentian
• Department: Commerce and Administration
• Course: COMM-2016EL
• Professor: Kayla Levesque

Document Summary

Management accounting is user-driven, not data driven it exists because managers require information to make decisions. Accounting information systems are the means, and better decisions are the ends. There is a difference between the term data and information . The second framework focuses on the characteristics of decisions, placing them on a continuum between structured decisions & unstructured decisions: Structured decisions are those that are routine and normal, where the information requirements and decision processes are relatively well understood. Unstructured decisions are unique and uncommon, and thus the information and decision processes need to be developed for that decision. Management accounting the process of identifying, measuring, accumulating, analyzing, preparing, interpreting, and communicating information that helps managers fulfill organizational objectives. It is commonly associated with nonrecurring decisions those which require special accounting analyses or reports. Planning means setting objectives and outlining the means for their attainment.