ACC M118 Lecture Notes - Lecture 1: Financial Statement, Industrial Engineering, Future Orientation
Document Summary
Managerial accounting provision of accounting information for a company"s internal users. Three broad objectives: provide information for planning the organizations actions, provide information for controlling the organizations actions, provide information for making effective decisions. Planning detailed formulation of action to achieve a particular end. Requires setting objectives and identifying methods to achieve those objectives. Controlling can be used to evaluate, correct, the steps taken to implement a plan. Achieved by comparing actual performance with expected performance. Based on feedback manager may decide to let the plan continue or take corrective action. Managerial accountants supply information that assists with decision making. Financial statements) for external users such as investors, creditors, customers etc. Financial statements must conform with certain rules defined by the international accounting standard board (osc, assoc and osc) Inputs and processes are well defined and restricted. No official body that prescribes format, content etc. Historical, looking through a rear view mirror.
