ACC 406 Lecture Notes - Lecture 1: Financial Statement, Geek Squad, Total Quality Management

• School: Ryerson University
• Department: Accounting
• Course: ACC 406
• Professor: Maurizio Di Maio

Document Summary

Managerial accounting: is the provision of accounting information for a companies internal use. Uses rms accounting system and design in way to support managers information needs. Not bound by gaap (generally accepted accounting practices or ifrs (international financial reporting. The acsb (canadian accounting standards board is responsible for setting gaap for canadian private enterprises (aspe) not for non pro ts and pension plans. Ifrs must be used by public companies in canada (optional for private companies) Planning: the detailed formulation of action to achieve a particular end. Requires setting objectives and identifying methods to achieve these objectives. This info can be used to evaluate steps being taken to implement a plan. Controlling: monitoring a plans implementation and taking corrective action as needed. Based on the feedback, a manager (or worker) may decide to let the plan continue or take corrective action to put actions back in harmony with plan or do midstream replanning.