MGM222H5 Study Guide - Comprehensive Final Exam Guide - Work In Process, Venture Capital, Raw Image Format
Document Summary
Managerial accounting: a field of accounting that provides economic and financial information for managers and other internal users, also called management accounting. Distinguishing features: applies to all types of businesses, service, merchandising and manufacturing, mainly manufacturing companies, applies to all forms of business, proprietorships, partnerships and corporations, applies to not-for-profit and profit-oriented companies, more responsible for strategic cost management. Management functions: three broad functions, planning, forecasts, establish objectives, add value to the business, controlling, keep activities on track, see if goals are met and decide on the changes needed, directing. Implement planned objectives: coordinate diverse activities and human resources, motivating employees, hiring and training. Line positions: directly i(cid:374)volved i(cid:374) the co(cid:373)pa(cid:374)y"s (cid:373)ai(cid:374) reve(cid:374)ue-generating operating activities, vp of operations, marketing, staff positions, support the line positions, finance. Good ethics: scandals result in massive investment losses and employee layoffs, frauds, competence, compliance with laws and standards, ethical conducts, confidentiality, the company should not disclose any confidential information.
