BUS-A 202 Chapter 1:
Document Summary
Providing information to managers for use within the organization. Serves the needs of managers employed inside the organization. Not mandatory and it does not need to comply with externally imposed rules. Planning- establishing goals and specifying how to achieve them. Controlling- gathering feedback to ensure that the plan is being properly executed or modified as circumstances change. Decision making- selecting a course of action from competing alternatives: planning. Budget- detailed plan for the future that is usually expressed in formal quantitative terms: controlling. Performance report- compared budgeted data to actual data in an effort to identify and learn from excellent performance and to identify and eliminate sources of unsatisfactory performance: decision making. Every company must make decisions related to the products and services that it sells. All companies must make decisions related to the customers that they serve. Companies also make decisions related to how they execute. 80% of professional accountants in the us work in nonpublic accounting environments.
