ACC 406 Chapter Notes - Chapter 1: Industrial Engineering, Securities Fraud, Total Quality Management
9 Mar 2016
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Document Summary
Managerial accounting: the provision of accounting info for a company"s internal users. Not bound by generally accepted accounting principles (gaap) or international financial reporting standards (ifrs) To provide information for: planning the organization"s actions - setting objectives and identify methods to achieve them, controlling the organization"s actions - comparing actual performance with expected performance, making effective decisions - choosing among competing alternatives. Includes historical events, but focuses financial information on future events. Reports on historical events performance, product lines, departments, and managers. External users: investors, creditors, customers, suppliers, gov. agencies and labour unions. Needs to be flexible to provide both financial and managerial acc. info. Should be able to supply different info for different purposes. The need for better information is due to developments in technology, transportation and communication. In response to ^ activity-based management acc. systems were developed. A detailed approach to determining cost of goods/services.
