ACCT 2230 Lecture Notes - Lecture 1: Organizational Chart, Value Chain, Business Process

• School: University of Guelph
• Department: Accounting
• Course: ACCT 2230
• Professor: Alireza Talebi

Document Summary

Managerial accounting: providing information to managers for use in planning, controlling operations and decision making. Financial accounting: providing information to shareholders, creditors, and other external users. Managers have 3 activities: all perform planning and controlling activities: planning: establishing goals and how to achieve them. Accompanied by budget: directing and motivating: mobilizing people to carry out plans and run operations. Controller: manager in charge of the accounting department in an organization. This involves gathering, evaluating, and responding to feed(cid:271)a(cid:272)k. (cid:862)did (cid:449)e su(cid:272)(cid:272)eed? (cid:863) Performance reports: detailed reports prepared on an periodic basis that compare budgeted data to actual data. Planning and control cycle: flow of mgmt activities through planning, directing and motivation, decision making then back to planning. Fo(cid:272)al poi(cid:374)t of a (cid:272)o(cid:373)pa(cid:374)(cid:455)"s st(cid:396)ateg(cid:455) is to ta(cid:396)get (cid:272)usto(cid:373)e(cid:396)s. Custo(cid:373)e(cid:396) (cid:448)alue p(cid:396)opositio(cid:374)s a) (cid:272)usto(cid:373)e(cid:396) i(cid:374)ti(cid:373)a(cid:272)(cid:455) (cid:862)(cid:449)e u(cid:374)de(cid:396)sta(cid:374)d(cid:863) (cid:271)) ope(cid:396)atio(cid:374)al e(cid:454)(cid:272)elle(cid:374)(cid:272)e (cid:862)(cid:449)e (cid:272)a(cid:374) deli(cid:448)e(cid:396)(cid:863) (cid:272)) p(cid:396)odu(cid:272)t leade(cid:396)ship (cid:862)offe(cid:396) highe(cid:396) (cid:395)ualit(cid:455)(cid:863) Ti(cid:373)eli(cid:374)ess, does(cid:374)"t (cid:374)eed to follo(cid:449) gaap, (cid:374)ot (cid:373)a(cid:374)dato(cid:396)(cid:455).