Textbook Notes (359,003)
Canada (155,988)
Management (767)
MGT223H5 (26)
Minlei Ye (13)
Chapter 01

MGT223 Chapter01:Introduction to Managerial Accounting Notes
MGT223 Chapter01:Introduction to Managerial Accounting Notes

2 Pages
Unlock Document

University of Toronto Mississauga
Minlei Ye

MGT223 Chapter01 Notes Financial Accounting Managerial Accounting Users External who make Managers who plan for financial decisions and control the organization Time focus Historical perspective Future oriented Emphasis Objectivity and Relevance for planning verifiability and control Importance Precision of info Timeliness of info Subject focus Summarized data for the Detailed segment reports whole organization of an organization GAAP Must follow GAAP Need not follow GAAP Requirement Mandatory for external Not mandatory reports Work of management: planning, directing and motivating, controlling Planning and control cycle: 1. Formulated long-and short-term plans (planning) 2. Implementing plans (directing and motivating) 3. Measuring performance (controlling) 4. Comparing actual to planned performance (controlling) Strategy: a “game plan” that enables a company to attract customers by distinguishing itself from competitors Customer Value Propositions: 1. Customer Intimacy Strategy: understand and respond to individual customer needs 2. Operational Excellence Strategy: deliver products and services faster, more conveniently, and at lower prices 3. Product Leadership Strategy: Offer higher quality products CFO(Chief Financial Officer): a member of the top management team responsible for (1) providing timely and relevant data to support planning
More Less

Related notes for MGT223H5

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.