ACCT208 Lecture Notes - Lecture 1: Financial Statement, Enterprise Risk Management, Public Company Accounting Oversight Board

• School: University of Delaware
• Department: Accounting
• Course: ACCT208
• Professor: Debra Dragone

Document Summary

Relationships don"t set sb up to fail, give them tools they need. Have technology skills and the ability to come up with solutions: what is a management accountant, technology does the mechanics, less standardized reporting, provide analysis, work as a team member, comparisons between financial accounting and management accounting. Financial: provide info to outside users, report past performance, emphasizes objectivity & verifiability, precision of information. Managerial: managers to make informal decisions, emphasis is on future, relevant information more important, timeliness of information more important, reporting is at top level: the corporation, report by cost object, gaap/ifrs, mandatory, gaap/ifrs, not required; supplementary tool. Only constraint: cost < benefit: what do managers do? (1) plan; (2) direct; (3) control, do our job within scope of these three activities all involve decision making, planning. Identify alternatives and select the best one: part of evaluation is the impact on revenues and expenses, budgets (plans in quantitative form) are prepared annually, directing and motivating.