COMM 112 Chapter Notes - Chapter 1: Geek Squad, Management Accounting, Cost Accounting

• School: Queen's University
• Department: Commerce
• Course: COMM 112
• Professor: Teri Shearer

Document Summary

The provision of accounting information for a company"s internal users. Designed to support the information needs of mangers. Three broad objectives: to provide info for planning the organizations actions, to provide info for controlling the organisations actions, to provide info for making effective decisions. Mangers need up to date info for the following activities: 1: planning the detailed formulation of action to achieve a particular end. Ex: a form may set objectives of increasing short term and long term profitability by improving overall quality of its products. Management needs to development plans that implement change and positive results. They should be clearly specified and detailed: controlling monitoring a plan"s implementation and taking corrective actions as needed. The implementation of the plan created before. Usually achieved by comparing actual performance with expected performance. This can be used to evaluate or correct the steps being taken. Based on feedback, manager can decide to let the plan continue as is or change it.