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ACCT 2230- Final Exam Guide - Comprehensive Notes for the exam ( 32 pages long!)


Department
Accounting
Course Code
ACCT 2230
Professor
Alireza Talebi
Study Guide
Final

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U of G
ACCT 2230
Final EXAM
STUDY GUIDE

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ACCT 0 Fial Exa Reie
Chapter 1 Managerial accounting and the business environment
Every organization has managers who perform several major activities such as:
Planning
o Identify alternatives
o Select the best job
o Develop budgets
Controlling
o Ensures that plans are followed
o Provides performance reports that compares results with the budget
Directing and motivating
o Managing day-to-day activities
o Including: employee work assignments, problem solving, conflict resolution
Decision making
o The ability to make intelligent, data driven decisions
o Resolves three questions: what should be selling? Who should we be serving? How should we execute?
Planning and control cycle
Formulating long and short term plans (planning)
Implementing plans (directing and motivating)
Measuring performance (controlling)
Comparing actual to planned performance (controlling)
Strategy a game plan that enables a company to attract customer needs by distinguishing itself from competitors.
Customer intimacy strategy understand and respond to individual customer needs.
Operational excellence strategy deliver products and services faster, more conveniently, and at lower prices.
Product leadership strategy offer higher quality products.
Managerial accounting:
Mangers who plan and control and organization
Focuses on the future
Emphasis on relevance
Emphasis on timelines
Focus on segment groups
Not bound by GAAP/ASPE/IFRS
NOT mandatory for extremal reports
Corporate organizational chart
1. Board of directors
2. President
3. Purchasing, personnel, vice president operations, chief financial officer
4. uder hief fiaial offier treasurer, otroller
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The controller a member of the top management team that is responsible for:
Providing timely and relevant data for planning and control activities
Preparing financial for external users
Business process management a series of steps that are followed to carry out some tasks (RPMMDC)
Research and development
Product design
Manufacturing
Marketing
Distribution
Customer service
There are three approaches to improving business processes: lean production, enterprise systems, and risk
management
Lean production: organizes resources around the flow of business processes (#of units = # of units sold
minimal inventory)
Enterprise system a software system that integrates data across an organization
Risk management a process used by a company to identify and manage risk
Integrity maintained by avoiding conflicts of interest with employees or clients
Objectivity must be present in communications so recipients can receive favorable and unfavorable information
Corporate governance system:
The system by which a company is directed and controlled
The board of directors incentives and monitoring for:
Top management to pursue objectives of:
Shareholders
This system should also protect the interests of their: stakeholders and communities
Corporate social responsibility (CSR) where organizations consider all the needs of all stakeholders when making
decisions customers, employees, suppliers, etc.
Chapter 2 cost terms, concepts, and classifications
Classification of manufacturing costs (product costs)
Direct materials raw materials that become part of the product and that can be conveniently traced directly
to it (ie radio installed in a car)
Direct labour labour costs that can be easily traced to individual units of product (ie wages paid to automobile
worker)
Manufacturing overhead manufacturing costs that cannot be easily traced to specific units produced (indirect
labour and indirect materials)
Classification of costs
Direct materials + direct labour = prime cost
Direct labour + manufacturing overhead = conversion cost
Non-manufacturing costs (period costs)
Selling costs cost necessary to get the order and deliver the product
Administrative costs all executive and organizational costs
Product costs direct materials, direct labour, manufacturing overhead
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