ACCT 202 : Test1 Acct

• School: University of Louisiana Lafayette
• Department: Accounting
• Course: ACCT 202
• Professor: All

Document Summary

Definitions: managerial accounting provides information for management to make decisions. [type text: providing a basis for controlling costs and expense by comparing actual results with planned objectives and standard costs, accumulating and presenting data for capital expenditure decisions, distinguishing features, applies to all types of business. Manufacturing: applies to all forms of business organizations. Both deal with economic events of business and both require that economic events be quantified and communicated to interested parties: users - internal vs. External: financial-external users-stockholders, creditors, managerial-internal users-officers and managers, type of reports internal reports as needed vs. f/s and quarterly and annual reports, financial-financial statements- Board of directors formulate the operating policies for the company. Chief executive officer responsible for managing the company. Chief financial officer responsible for all of the accounting and finance issues of the company. Controller responsible for the accounting records and financial statements and taxes. Treasurer responsible for the custody of funds and maintaining cash position.