[ECON 2720] - Midterm Exam Guide - Comprehensive Notes for the exam (19 pages long!)
6 Feb 2017
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Chapter 1: managerial accounting and the business environment. The work of managers and their need for managerial accounting information. The functions that manager perform are: planning developing goals and specifying how to achieve them. Many of these decisions revolve around these three questions: The flow of management activities through planning, directing and motivating, and controlling and then back to planning again. A game plan that enables a company to attract and retain customers by distinguishing itself from competitors. A company can succeed only if it creates a reason for customers to choose it over a competitor. These reasons are formally called customer value propositions. Reports to those outside the organization such as creditors, owners, tax authorities, regulators. Emphasized detailed segment reports about departments, products and customers. Managers must accomplish its objectives by working with and relying on employees. This is done by creating an organizational structure that permits effective decentralization of management decisions.
