BUS 254 Chapter Notes - Chapter 1: Management Accounting, Financial Accounting, Financial Statement

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 254
• Professor: Arsineh Garabedian

Document Summary

The process of identifying, measuring, analyzing, interpreting, and communicating information in pursuit of organizational goals. Manufacturers, retailers, service providers, agribusinesses, and non-profit firms: may have different goals. How managerial accounting adds value to the organization. Providing information for decision making and planning. Assisting managers in directing and controlling operational activities: requires a variety of data about the process of providing entertainment services, assists management through attention-directing function. Direct managers" attention to an issue that requires their skills. Motivating managers and other employees towards organization"s goals: employee empowerment. The concept of encouraging and authorizing workers to take the initiate to improve operations and reduce costs. Measuring the performance of activities, subunits, activities, managers, and other employees: rewarding performance through positive feedback, promotions, and pay rises. Assessing the organization"s competitive position, and working with other managers to ensure the organization"s long-term competitiveness in industry. Accounting system system: accumulates financial and managerial accounting data in the cost accounting.