Management and Organizational Studies 1023A/B Lecture Notes - Management Accounting, Making Money, Cost Driver

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1023A/B
• Professor: Maria Ferraro

Document Summary

Focuses on the internal users in the firm. Statements based on a format, standards, specific rules. Reply to anyone in the company that need information for whatever reason. As opposed to external accounting, in management accounting, qualitative factors are often as important as the quantitative. No rules standards are made so the company can do the best that it can financially. Even if you are an accountant, you will always have some function of control over your job. Regardless of what area you are in, some, if not all of the processes of management will be used. Planning supports the strategy: identify alternatives, select alternative based on what your resources are, develop budgets take the lofty, long term strategy, break it down into more manageable pieces. Everyday activities working towards achieving the budget goal. Executive team often delegates work to other people in a "lower" position. Hierarchy direct manager of the department often handles day-to-day things.