ACCT 2230 Chapter Notes - Chapter 1-4: Opportunity Cost, Sunk Costs, Regression Analysis

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

Document Summary

Managerial accounting: the form of accounting concerning providing information for managers to 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 necessary. 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 then back to planning again.