ADM 2341 Chapter Notes - Chapter 1: Management Accounting, Operational Excellence, Organizational Chart

• School: University of Ottawa
• Department: Administration
• Course: ADM 2341
• Professor: Fodil Adjaoud

Document Summary

Managerial accounting: the form of accounting concerned with providing information to managers for use in planning and controlling operations and for decision. Financial accounting: the form of accounting concerned with providing information to shareholders, creditors, and others outside the organization. The work of managers and their need for managerial accounting information. -> managerial accounting focuses mostly on planning & controlling. Customer value proportions (essence of a strategy) categories: customer intimacy: we understand and respond to your individual needs better than anyone. Operational excellence: we deliver products faster, more conveniently, & better priced. Planning: identify alternatives, and select one that meets organizations objectives. Plans are often in forms of a budget (prepared under controller, manager of accounting) Directing and motivating: oversee day to day activities so everything is run smoothly. Done by feedback whether operations are in track with detailed reports. One is performance report (suggests where operations not as planned and need extra attention.