ADMS 1500- Final Exam Guide - Comprehensive Notes for the exam ( 52 pages long!)

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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.