COMM 112 Chapter Notes -Contribution Margin, Chief Financial Officer, Gross Margin

• School: Queen's University
• Department: Commerce
• Course: COMM 112
• Professor: Teri Shearer

Document Summary

Managerial accounting: the provision of accounting information for a company"s internal users. Planning: the detailed formulation of action to achieve a particular end. Controlling: managerial activity of monitoring a plan"s implementation and taking corrective action as needed. Decision making: the process of choosing among competing alternatives. Financial accounting: primarily concerned with producing information for external users. Value chain: inbound logistics, outbound logistics, marketing and sales, service, procurement, technology development, human resources management, developing infrastructure. Continuous improvement: the continual search for ways to increase the overall efficiency and productivity of activities by reducing waste, increasing quality, and managing costs. Total quality management: philosophy in which manufacturers strive to create an environment that will enable workers to manufacture perfect products. Lean accounting: organized costs according to the value chain and collects both financial and nonfinancial information. Line positions: positions that have direct responsibility for the basic objectives of an organization.