ADMS 1500 Chapter Notes - Chapter 1: Financial Statement, Multiple Choice, Organizational Chart

• School: York University
• Department: Administrative Studies
• Course: ADMS 1500
• Professor: K Paul Evans

Document Summary

Part a (35 multiple choice questions mix of both calculation and conceptual) ** practice cp, in-class exercise (ice), self-study questions, and assigned exercises. Managerial accounting definition field of accounting that provides economic and financial information for managers and other internal users. Financial accounting: external users, financial statements quarterly/annually, general-purpose, pertains to business as a whole, aggregated (condensed, generally accepted accounting. Managerial accounting: special-purpose (decision making, pertains to subunits of business, detailed, extends to any relevant data, standard depends on decisions, no independent audits. Similarities between financial and managerial accounting: both deal with economic events of a business, both require that economic events be quantified and communicated to interested parties. Establish objectives such as: maximize short-term profit and market share, commit to environmental protection, contributing to social programs. Key objective: add value to the business: value measured by trading price of stock and by potential selling price of the company.