ACCT208 Chapter Notes - Chapter 1: Operational Excellence, Financial Accounting, Value Proposition
17 Feb 2017
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Financial accounting is concerned with reporting financial information to external parties, such as stockholders, creditors, and regulators. Ex: lines, customer groups, geographic territories, divisions, plants, and departments. Managerial accounting is not mandatory and does not need to comply with externally imposed rules (i. e. , gaap) Planning: plans are often accompanied by a budget. Budget: detailed plan for the future that is usually expressed in formal. Can be used to help evaluate and reward employees. Decision making: many decisions revolve around three questions: An ethics perspective: without ethical behavior, companies would be less efficient, without fundamental trust in the integrity of business, the economy would operate less efficiently, code of conduct for management accountants. The institute of management accountants (ima) of the united states has adopted an ethical code called the statement of ethical professional. Practice that describes the ethical responsibilities of management accountants.
