ACCT 2230 Chapter Notes - Chapter 1: Corporate Social Responsibility, Enterprise Risk Management, Management Accounting
12 Sep 2017
School
Department
Course
Professor
Document Summary
Managerial accounting: form of accounting concerning providing information to managers for use in planning and controlling operations and for decision making. Financial accounting: providing information to shareholders, creators and others outside the organization. The flow of management activities through planning, directing and motivating and controlling and then back to planning again. Involves decision making so it is depicted as the hub around which the other activities revolve. Control process involves gathering, evaluating and responding to feedback. Performance report: detailed reports prepared on a periodic basis that compare budgeted data to actual data. Companies must have a game plan that enables a company to attract and retain customers by distinguishing itself from competitors. Focal point should be its target customers. A company is only successful if it creates a reason for customers to choose it over a competitor. Customer value propositions are the essence of strategy. Fall under three broad categories: customer intimacy, operational excellence and product leadership.
