ACTG 2020 Study Guide - Cost Driver, Reynolds Group Holdings, Deutsche Luft Hansa
Document Summary
Form of accounting concerned with providing information to the manger to use in planning and controlling operations and for decision making. (internal) The focus is on providing employees and managers information needed to make better decisions, not on the information needs of external users. Financial accounting: the form of accounting concerned with providing info to shareholders, creditors and others outside the organization. (external) Planning: selecting a course of action and specifying how the action will be. Directing and motivating: mobilizing people to carry out plans and run routine operations. Controlling: ensuring plan is actually carried out and is appropriately modified as circumstances change. Strategy: game plan that enables company to attract and retain customers by distinguishing itself from competitors. Lean production: work is pushed through the system in order to produce as much as possible and to keep everyone busy- even if products cannot be immediately sold.
