ACCT 2230 Chapter Notes - Chapter 1: Enterprise System, Dmaic, Enterprise Risk Management

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Chapter 1 - managerial accounting and the business. The role of the management accountant in value creation. Managerial accounting - the form of accounting concerned with providing information to managers for use in planning and controlling operations and for decision making. Financial accounting - the form of accounting concerned with providing information to shareholders, creditors, and others outside the organization. The work of managers and their need for managerial accounting information. A fundamental element of the planning process; a strategy is a game plan that enables a company to attract and retain customers by distinguishing itself from competitors. Customer value propositions are the essence of strategy falling into three broad categories: customer intimacy, operational excellence, product leadership. The plans of management are often expressed formally as a budget: a quantitative plan for the acquisition and use of financial and other resources over a specified future period of time.

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