COM 270 Chapter 1: PDF COM 270 Notes - Ch. 1 (JB)
15 Mar 2017
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Com 270 - chapter 1: introduction to managerial accounting: managerial accounting: accounting concepts & procedures that are relevant to preparing reports for internal users of accounting information. Goal is to provide the information that managers need for planning, control, & decision making. May deviate from the generally accepted accounting principles (gaap) Present more detailed info than nical accounting. Present more non-monetary info (ex. quality of material consumed, # of hours worked, etc. ) Plays an important role in the control process (2) control: achieved by evaluating the performance of managers & the operations for which they are responsible for. Evaluate managers to determine how their performance should be rewarded/punished. Evaluate operations to determine whether they should be changed. Compare actual results with planned results, & decide worth corrective measures should be taken (3) decision making: made to reward or punish managers, & made to change operations or revise plans. Total variable cost - increases with production.
