ACCT 2230 Chapter Notes - Chapter 1: Lean Manufacturing

• School: University of Guelph
• Department: Accounting
• Course: ACCT 2230
• Professor: Alireza Talebi

Document Summary

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 mecessary: 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 through planning, directing and motivating, and controlling, and then back to planning again: strategy.