ACTG 2P12 Chapter Notes - Chapter 2: Financial Statement, Internal Audit, Internal Control
13 Mar 2017
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Document Summary
Managers activities and responsibilities can be classified into three broad functions: planning, look ahead and to establish objectives. Short term profits, contributing to social programs. Key add value to the business under its control: directing, coordinating a company"s diverse activities and human resources to produce a smoothly running operation. Manufacturing, warehousing, selling, sales, service etc: controlling, keeping the company"s activities on track. Determine whether planned goals are being achieved. When to get a project back on track. Supported by controller and treasurer: controller maintaining the accounting records, maintaining an adequate system of internal control, preparing financial statements, tax returns, and internal reports. Treasurer custody of the corporation"s funds and is responsible for maintaining the company"s cash position. Creating proper incentives: monitoring and effectively evaluating the actions of employees. Establishing production goals for their proves is important, but if they aren"t effective and realistic, problems develop: having a proper budget, to provide direction, is important but can go wrong.
