[ACCT 2230] - Final Exam Guide - Everything you need to know! (28 pages long)

• School: University of Guelph
• Department: Accounting
• Course: ACCT 2230
• Professor: Alireza Talebi

Document Summary

Chapter 1: managerial accounting & the business environment. Managerial accounting: concerns providing information to managers that is, ppl insisde an organization who direct and control its operations. Financial accounting: concerns providing info to shareholders, creditors, and others who are outside an organization. Managerial accounting concerns determining and developing internal accounting info as a tool for helping managers make business decisions that satisfy customers while continuously monitoring costs and improving efficiencies. Financial accounting focuses on producing a limited set of specific quarterly & annual finanacial statements in accordance with generally accepte accounting principles (gaap) & gov"n regulations. Controller: the manager in charge of the accounting department in an organization. Performance reports: detailed reports on a periodic basis theat compare budgeted data to actual data. Illustrates the smooth flow of management activites from planning through directing and motivating controlling, and then back to planning again.