ACCT 2550 Chapter Notes - Chapter 1: Management Accounting, Financial Accounting, Financial Statement
15 Dec 2017
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Chapter 1: an introduction to managerial accounting. The management cycle and the need for managerial accounting. Three types of organizations: service, merchandising, manufacturing. Most organizations have a mission (purpose), a vision (long-term goal), and strategies for achieving the mission and vision. They typically follow the management cycle: planning, implementation, outcomes. Strategy pertains to the general direction in which an organization plans to move to achieve its goals and objectives. Planning: selecting a course of action and specifying how the action will be implemented. First step is to identify alternative and then to select the one that does the best job of furthering organization"s objectives. Must balance the opportunities against the demands made on the company"s resources. Implementation: carrying out day-to-day activities, making short-term and long-term decisions, organizing and allocating resources, and managing people by directing and motivating them. Assign tasks to employees, arbitrate disputes, solve on the spot problems.
