ACBU 2223 Chapter Notes - Chapter 1: Financial Accounting, Strategic Management, Decision-Making

• School: Fordham University
• Department: Accounting
• Course: ACBU 2223
• Professor: John Savignano

Document Summary

Financial accounting: phase of accounting that is concerned w/ reporting historical financial info to external parties, such as stockholders, creditors, & regulators. Managerial accounting: phase of accounting that is concerned w/ providing info to managers for use w/in organization. Reports to managers inside organization for planning, controlling, & decision making. Segment: part/activity of organization about which managers would like cost/revenue/profit. Planning: process of establishing goals & specifying how to achieve them: budget: detailed plan for future that is usually expressed in formal quantitative terms. Decision making: selecting course of action form competing alternatives. Ethics perspective: institute of management accountants has ethical code. Strategic management perspective: strategy: company"s game plan for attracting customers by distinguishing itself from competitors, customer value propositions are essence of strategy. Customer intimacy customize products & services to meet consumers" needs. Operational excellence deliver products & services faster, more conveniently, & lower price.