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Management (767)
MGT223H5 (26)
Minlei Ye (13)
Chapter 01

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

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School
University of Toronto Mississauga
Department
Management
Course
MGT223H5
Professor
Minlei Ye
Semester
Fall

Description
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
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