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Study Guide

AFM 102- Final Exam Guide - Comprehensive Notes for the exam ( 57 pages long!)
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57 Pages
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Department
Accounting & Financial Management
Course Code
AFM102
Professor
Catherine Wong

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Description
[AFM 102] Comprehensive winter guide including any lecture notes, textbook notes and exam guides.find more resources at oneclass.com Managerial accounting – provides information to managers for use in planning and controlling operations and for decision making • Data to help the organization run more efficiently • Determining and developing internal accounting information to help managers make decisions to satisfy customers and improve efficiencies • Requires a variety of reports o Budgets, forecasts, detailed data by division • Develop a competitive advantage in the marketplace • How a company better manages its costs o Bonus structure to implement for employees Financial accounting – provide information to shareholders, creditors, and other stakeholders outside the organization • Judges the company's past performance The Work of Managers and Their Need For Managerial Accounting Information • Planning – establishing goals and specifying how to achieve them o Ask numerous questions to specify how the goal will be achieved o Budget - quantitative plan for acquiring and using financial and other resources over a given time period, accompanies a plan ▪ Companies do not share budgets with other companies or with the public o Work with other managers in the company to establish the budget and how much will be spent • Directing and motivating – mobilizing people to carry out plans and run routine operations o Oversee day-to-day activities o Assign tasks, solve problems, answer questions, other decisions that affect employees and customers o Daily sales reports • Controlling – gathering feedback to ensure that the plan is being properly executed or modified as necessary o Gathering, evaluating, and responding to feedback to ensure the year's process meets expectations o Finding ways to improve for the year after o Performance reports – detailed reports prepared on a periodic basis that compare budgeted data to actual data ▪ Find out why performance exceeded or failed to meet expectations ▪ Identify and eliminate sources of unsatisfactory performance ▪ Evaluate and reward employees • Decision making – selecting a course of action from among alternatives o Make intelligent, data-driven decisions o Answer the following questions: ▪ What should be sold? ▪ Whom do we sell to? ▪ How should the company execute the plan? o Allocate marketing budget to products that appeal to different customer bases • Planning and control cycle – the flow of management activities through planning, directing, motivating, controlling, and then back to planning o The entire process requires strong decision making o Prepare detailed reports to make day-to-day and long-term decisions, and direct resources towards goals find more resources at oneclass.com
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