COM 316 Chapter Notes - Chapter 1: Operational Excellence, Corporate Social Responsibility, Risk Management

• School: University of Victoria
• Department: Commerce
• Course: COM 316
• Professor: Klatt Margaret

Document Summary

Identify the major differences and similarities between financial and managerial accounting: managerial accounting - Provides data that helps organizations run more efficiently. Determine and develop internal accounting information and various reports: financial accounting - Provides information to shareholders, creditors, and other outsiders. Provides scorecard by which a company"s past performance is judged. Produces a limited set of specific quarterly and annual financial statement in accordance with gaap and government regulations: differences, emphasis on the future. Managerial accounting assembles current and future estimated data: relevance of data. Financial accounting, data must be objective and verifiable. Managerial accounting, all relevant data are gathered even if they can"t be verified: less emphasis on precision for managerial accounting (saves time, money) Sunday, january 3, 2016: focuses primarily of segments of an organization, doesn"t follow gaap principles, managerial accounting isn"t mandatory - financial is. Enterprise risk management - a process used by a company to proactively identify and manage foreseeable risks.