MGT223H5 Lecture Notes - Tim Hortons, Management Accounting, Westjet
Document Summary
Chapter 1: managerial accounting and the business environment. Objectives: identify the major differences btwn financial & managerial accounting, list the function of managers. Customer intimacy: understand and respond to you better than our competitors (dell, keg, cisco) Operational excellence: we deliver products/ services faster, more conveniently and at a lower price (walmart, westjet etc) Product leadership: offer high quality products (bmw, benz: understand the role of management accountants in an organization. Decentralization: all the decision making power is not centralized but spread out. Line position: directly involved with achieving basic objectives of organization (managers, president, board of directors) Staff position: indirectly involved with achieving basic objectives of organization (cfo, treasurer etc) The controller: manager in charge of accounting department: explain the nature of importance of ethics for accountants. Corporate governance: a company that is directed and controlled (to ensure will act in interest of company.
