ADMS 1500 Lecture 1: Chapter 1 - Managerial accounting basics

• School: York University
• Department: Administrative Studies
• Course: ADMS 1500
• Professor: K Paul Evans

Document Summary

Managerial account = management accounting is financial information for managers and other internal users. Management functions and organizational structures: planning: requires management to look ahead and to establish objectives. Key objective of management is to add value to the business under its control. to produce a smoothly running operation. Directing also involves selecting executives, appointing managers and supervisors, and hiring and training employees: directing: coordinating a company"s diverse activities and human resources, controlling: keeping the company"s activities on track. In order to assist in carrying out management functions, most companies prepare organization charts that show the interrelationships of activities and delegation of authority and responsibility within the company. Shareholders own the corporation, but they manage it indirectly through board of directors, which they elect. Responsibilities within the company are frequently classified as either line or staff positions. Line positions are directly involved in the company"s main revenue generating operating activities (ex.