Management and Organizational Studies 1023A/B Study Guide - Midterm Guide: International Accounting Standards Board, Standard Accounting Practice, Canada Revenue Agency

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1023A/B
• Professor: Barry Hawn

Document Summary

Chartered accountants: also follow international accounting standards board, the need to verify info means that standards place greater emphasis on data reliability over their relevance for any given decision. Managerial accounting: this aims to satisfy the info needs of decision makers inside the business. Employees along with managers use this data not outsiders. Entire organisation with limited disclosures about individual lines of business. They are collected, reported and analysed and do not need any speciic standards. Varies with decision context dictating the relevant unit of analysis relevance. All data, including estimates of future, inancial or non inancial. Cost flows and cost terminology: costs relating directly to the primary business function or costs associated with getting products and services ready for sale are product costs. In service and merchandising irms, always appear above the line of gross margin: period costs are costs not directly related to providing products and services, rather these costs relate to the passage of time.