Chapter 1 Notes

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Financial Accounting
Prof.Jan Klakurka

Chapter 1 Organizational Tensions to be Managed Systems for Performance Measurement and Control Performance measurement & control systems: The formal, information based routines and procedures managers use to maintain or alter patterns in organizational activities 1. Purpose is to convey information. These systems focus on data 2. Represent formal routines and procedures 3. Specifically designed to be used by managers 4. Used by managers to maintain or alter patterns in organizational activities Profit Planning Systems Accounting systems: Collect information about the transactions of a business Internal control systems: Set of procedures that dictate how and by whom information should be recorded and verified Profit plan: A summary of future financial inflows and outflows for a specified future accounting period. Profit plans involve analyzing past trends, making assumptions concerning cause and effect, and predicting expected outcomes. They are supported by planning systems. Managers mus
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