Textbook Notes (369,018)
Canada (162,342)
Accounting (533)
ACC 410 (34)
Chapter 1

Chapter 1

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ACC 410
Maurizio Di Maio

Chapter 1 The role of accounting information in ethical management decisionmakingUncertainties Issues and information regarding doubts Example the level of future sales of a new product cant determine exactly how well the product will be Biases Preconceived notions adopted without careful thought Example managers rejecting change automatically that may alter operations and improve efficiencyCause decision makers to ignore relevant information and inappropriately take into account of irrelevant information Decision Quality Refers to the characteristics of a decision that affect the likelihood of achieving a positive outcome Uncertainty and biases reduce decision quality Biases can be eliminated in decision making but uncertainties cannot Organizational Vision Core CompetenciesOrganizational strategiesOperating planActual operationsOrganizational Vision The core purpose and ideology of the organization which guides the organizations overall direction and approaches Vision Statement A theoretical description of what the organization should become Mission Statement A highlevel declaration of the organization purpose Core Values Statement A summary of the beliefs that define the organizations cultureOrganizational Core Competencies An organizations strengths relative to competitors Example Apples ability to market their products and the innovation of their productOrganizational Strategies Tactics managers use to take advantage of co
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