MKT 2210 Lecture Notes - Petty Cash, Bank Reconciliation

• School: University of Manitoba
• Department: Marketing
• Course: MKT 2210
• Professor: Subbu Sivaramakrishnan

Document Summary

Controls on purchases cycle will be based around buying(authorisation),goods inwards(checks) and accounting(recording). Controls on sales cycle will be based around selling(authorisation),goods outwards(checks) and accounting(recording). Control is enhanced by an integrated accounting system. It is the role of the management accountant to provide information so that management can reach an informed decision. A management information system(mis) is a system to convert data from internal and external sources into information and to communicate that information,in an appropriate form,to managers at all levels. Managers can assess the significance of information by monitoring and measuring against some baseline and most management reports are made more meaningful by the use of comparison. (i) comparisons with previous periods. The most common comparison of a previous period is of one year"s final figures against the previous year"s. (ii) comparisons with corresponding periods. This is the corresponding period. (iii) comparison with forecasts. businesses make forecasts for a number of purposes.