ADMS 2510 Chapter Notes - Chapter 1: Six Sigma, Enterprise Risk Management, Finished Good

• School: York University
• Department: Administrative Studies
• Course: ADMS 2510
• Professor: Roberto Umana

Document Summary

It helps in determining and developing internal accounting information as a tool for helping managers make business. Managerial accounting- provides information to managers for use in planning and controlling operations and for decision making. decisions that satisfy customers while continuously monitoring costs and improving efficiencies. Financial accounting- provides information to shareholders, creditors, and others outside the organization. The work of managers and their need for managerial accounting information. Companies should have a viable strategy for succeeding in the market place. Strategy- a (cid:862)ga(cid:373)e pla(cid:374)(cid:863) that e(cid:374)a(cid:271)les a (cid:272)o(cid:373)pa(cid:374)y to att(cid:396)act and retain customers by distinguishing itself from competitors. Customer value propositions (cvp)- a company can only succeed if it creates a reason for customers to choose over its competitors. Budgeting- a quantitative plan for the acquisition and use of financial and other resources over a specified future time period. Budgets are usually prepared under the direction of the. Controller- the manager in charge of the accounting department in an organization.