[ACC 406] - Final Exam Guide - Comprehensive Notes fot the exam (68 pages long!)

• School: Ryerson University
• Department: Accounting
• Course: ACC 406
• Professor: Keith Whelan

Document Summary

Intro to managerial accounting; basic managerial accounting concepts (chapter 1&2) Make up the playing field with parameters (basic) How it is used, analyzed, etc is up to you. Uses: planning controlling decision making. Raincoat example (colors were important for fishermen, who would like to be seen at night or if they drowned, aka, dark colors were not bestselling option) Needs to be flexible enough to provide both financial and managerial accounting information. The key point here is flexibility the system should be able to supply different information for different purposes. Take the financial information and take it and use it whatever way you need. Developments in tech, transportation and communication have created the need for better information. In response to the need for better information, activity-based management accounting systems were developed. Best predictor is the past, management accounting looks at the current operations, and to see if the future will be successful.