ADMS 1500 Study Guide - Midterm Guide: Accounting, European Cooperation In Science And Technology, Net Income

• School: York University
• Department: Administrative Studies
• Course: ADMS 1500
• Professor: Taslima Nasreen

Document Summary

Field of accounting that provides financial and economic info for managers & internal users. Comparing managerial vs. financial accounting: stakeholders invest, quarterly & annually, reflects business assets, liabilities, etc, needs auditor cpa accountant, reporting exist. Info: pertains business as a whole, highly aggregated, accounting & cost data, general account principles. Organizational structures: prepared by most companies, chart: explains the interrelationships of activities, the delegation of authority. Responsibilities: line: involved company main revenue generating operating activities, staff: support efforts of the line employees. Inventory system in which goods are manufactured or purchased just in time for use: quality/tqm. Implement planned objectives: coordinate diverse activities & human resources, provide incentives to motivate employees, hire & train employees including executives, managers, and supervisors. Controlling: keep activities on track, determine whether goals are met, decide on the changes needed to get back on track, typically use a formal system of evaluation. Good decision-making is the outcome of good judgment in planning, directing, and controlling.