COMM 112 Final: Managerial Accounting (COMM 112) Final Exam Review
7 Apr 2013
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Document Summary
Managerial accounting the provision of accounting information ffor a company"s internal users. Not bound by gaap or ifrs, and has three objectives: provide info for planning the organization"s actions, provide info for controlling the organization"s actions, provide info for making effective decisions. Financial accounting primarily concerned with producing information for external users, including investors, creditors, customers, suppliers, gov"t agencies etc. Total quality management manufacturers strive to create an environment that will enable workers to manufacture perfect (0 defect) products. Cost the amount of cash or cash equivalent sacrificed for goods/services that are expected to bring a current or future benefit to the organization. Accumulating costs the way that costs are measured and recorded. Assigning costs the way that a cost is linked o some cost object. Cost object any item such as a product, customer, dept. , project, plant, etc for which costs are measured and assigned.
