[ACTG 4400] - Final Exam Guide - Comprehensive Notes for the exam (27 pages long!)

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Used to report economic events and transactions. Used to process data into helpful information. Information is used by managers to make decisions. Management information system (mis): costs and other data accessible to management. Database stores info in way that allows managers access to the info they need. Many firms build own comprehensive database called enterprise resource planning (erp) system. Integrates data: provides managers with reports highlighting interdependence of different business activities. Cost accounting: measures/reports financial and nonfinancial info related to the costs of acquiring and using resources. Reports show how costs accumulate as resources used to produce and sell products. Cost management: includes activities of identifying, reporting, and analyzing all costs of operations. Provides information on the accumulation and recovery of costs: decisions range from quantity to quality of materials, shut down etc, managers often deliberately incur costs in short run to enhance profits and revenues in long run.

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