HIST 1402 Lecture Notes - Lecture 6: Lean Manufacturing, Southwest Airlines, Income Statement
Document Summary
To provide information to managers to help them make decisions. Financial accounting is for providing information to outside parties. Managerial accounting provides reports for mangers inside the org. Emphasizes decisions for the future and not the past. Understand the three areas of management: planning, controlling, and decision making. Planning: come up with goals for the future. What you need to do so succeed this future goal. Most the time this is associated with a budget. Evaluate the feedback to ensure your planning process or process to achieve a goal is efficient. This is to identify and eliminate sources of unsatisfactory performance. They all are related to the products and services they. Know and understand the ima"s four areas of ethical behavior. Competence: maintain professional expertise by continually developing knowledge and skills. Performa duties with accordance to laws, etc. provide accurate, clear, concise and timely decision support and recommendations. Inform parties regarding appropriate use of confidential information.
