ACCT 307 Lecture Notes - Lecture 1: Xbrl, Business Performance Management, Management Consulting
Document Summary
Acct 307 notes: can be any organized combination of (and cannot be used without the rest of others), people, hardware, software, communications networks, data resources, that collects, transforms, and disseminates information in an organization. Information (versus data: data, raw facts, no organization or meaning, beginning of audit trail. Is a subset (subsystem) of the organization"s information system: collects, transforms, and disseminates the financial aspects of business events. Inputs (data/information from internal/external sources) -> processes (sort, organize calculate) Ais and financial accounting: non-financial data, rea accounting, resources, events, and agents, real-time reporting, provide more timely information (weekly sales report, etc. ) Interactive data and xbrl (extensible business reporting language: reusable data in multiple applications, tagging data. Increased automation creates difficulties: lacked direct relationship between labor and overhead, ais implementation, easier assignment of overhead. Corporate performance management: responsibility accounting system, trace unfavorable performance to responsible department or individuals. Immediate corrective action by managers: balanced scorecard (measures department performance, financial performance, customer knowledge.
