[COMM 305] - Final Exam Guide - Everything you need to know! (34 pages long)

• School: Concordia University
• Department: Commerce
• Course: COMM 305
• Professor: Ibrahim Aly

Document Summary

Introduction to managerial accounting video : http://video. wileyaccountingupdates. com/2011/08/20/introduction-to- managerial-accounting/ A field of accounting that provides economic and financial info for managers and other internal users. Partenering management decision making, devision planning, and performance managing systems to provide financial info that helds managers formulate and implemate organisational strategies: managerial accountants: Explain and report manufacturing and nonmanufacturing costs. Determine wether planned goals are being met. Applies to: all types of businesses (service, merchandising, and manufacturing, all forms (propretorships, partnerships, and corporations, non-profit and profit companies. Teams includes members from production, marketing and engineering, etc Both: deal with economic events of a business: their interests overlap require economic events be qualifies and communicated to the interested parties. Management functions: decision making: planning, future oriented, establish objectives such as b. i. Maximise short term profit and market share b. ii. Contributing to social programs: key objective: add value to the business c. i. *good decision making is the outcome of good jugement in planning, directing and controlling.