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Chapter 1

COMM 112 Chapter Notes - Chapter 1: Decision-Making, Corporate Social Responsibility, Business Process


Department
Commerce
Course Code
COMM 112
Professor
Jue Wang
Chapter
1

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COMM 612
Week 1
Chapter 1: Managerial Accounting and the Business Environment
Managerial Accounting
The form of accounting concerning providing information to managers for
use in planning and controlling operations and for decision making
Financial Accounting
The form of accounting concerning providing information to shareholders,
creditors, and others outside the organization
Planning
Developing goals and specifying how to achieve them
Directing and Motivating
Mobilizing people to carry out plans and run routine operations
Controlling
Gathering feedback to ensure that the plan is being properly executed or
modified as necessary
Decision making
Selecting a course of action from among alternatives
Budget
A quantitative plan for acquiring and using financial and other resources
over a specified future time period
Controller
The manager in charge of the accounting department in an organization
Performance Reports
Detailed reports prepared on a periodic basis that compare budgeted data to
actual data
Planning and control cycle
The flow of management activities trough planning, directing and motivating,
and controlling and then back to planning again
Strategy
A game plan that enables a company to attract and retain customers by
distinguishing itself from competitors
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