AFM102 Chapter Notes - Chapter 1: Corporate Social Responsibility, Enterprise Risk Management, Balanced Scorecard

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM102
• Professor: Jie Joyce Tian

Document Summary

Chapter 1: managerial accounting and the business environment. Managerial accounting: concerns providing information to managers - that is, people inside an organization who direct and control its operations. Financial accounting: concerns providing information to shareholders, creditors, and other who are outside the organization. Budget: a detailed plan for the future that is usually expressed in formal quantitative terms. Controller: the manager in charge of the accounting department. Performance reports: compares budgeted data to actual data on a periodic basis, usually monthly, to identify and learn from excellent performance and to identify and eliminate sources of unsatisfactory performance. The planning and control cycle: illustrates the smooth flow of management activities from planning through directing and motivating, controlling, and then back to planning again. Strategy: a game plan that enables a company to attract and retain customers by distinguishing itself from competitors.