COMM 291 Chapter Notes - Chapter 1: Internal Audit, Grater, Internal Control
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COMM 291 Full Course Notes
Verified Note
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Document Summary
Different from fa as it focused upon giving internal management the info it needs to run company effectively and responsibly. Planning: setting goals and objectives + how to achieve. Controlling: evaluating results of the business operations against the plan and making adjustments to keep on track to goals. Decision making: utilizes feedback from all other roles to help generate grater pro ts. Teaches to determine unit cost (product costing) Teaches how to make quantitative business devisions. Teaches how to plan business with a master budget. Teaches how to utilize budget variance to control and evaluate operations. Ma is designed to provide managers with accounting info needed to plan,direct control and make decisions. Fa is to report the past transactions to make annual and quarterly reports to aide in future investment and lending decisions. Ma reports focus up the future and provide relevant info to help managers make better decisions can also plan/re ect internal transactions.
