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ACTG 2020 (73)
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Department
Accounting
Course
ACTG 2020
Professor
Sylvia Hsingwen Hsu
Semester
Fall

Description
Managerial Accounting and the Business Environment Managerial Accounting Concerned with providing information to managers (people inside organization who direct and control its  operations) Financial Accounting Concerned with providing information to shareholders, creditors and others who are outside an organization The Work of Managers and their Need for Managerial Accounting Information ­ 3 Major Activities: Planning Selecting a course of action and specifying how the action will be implemented Directing and Motivating Mobilizing people to carry out plans and run routine operations Controlling Ensuring the plan is actually carried out and is appropriately modified as circumstances change Strategy “Game Plan” that enabled a company to attract and retain customers by distinguishing itself from  competitors Comparison of Financial and Managerial Accounting Reporting past events vs. Planning for future Objective and verifiable data vs. Relevant data Less emphasis on precision Reports on organization as a whole vs. Focuses on “segments” Must abide by GAAP vs. Not required to abide by any standards Not mandatory Organizational Structure Decentralization Delegation of decision making throughout an organization by providing managers at various operating  levels with authority to make key decisions Line and Staff Relationships Line: Directly involved in achieving basic objectives of organization Staff: Indirectly involved in achieving those basic objectives The Controller Manager in charge of accounting department Reports to CFO Professional Ethics Corporate Governance System by which a company is directed and controlled Corporate Social Responsibility Concept whereby organizations consider the needs 
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