ACCT 2020 Chapter Notes - Chapter 1: Internal Audit, Management Accounting, Financial Statement
Document Summary
Forms of information: balance sheet, statement of cash flows, income statements. Forms of information depends on manager"s needs (for efficiency and effectiveness) Manager"s 3 primary responsibilities: planning, directing, controlling. Planning: setting goals and objectives for the company and determining how to achieve them (think budgets) Controlling: evaluating the business"s results against the plan and making adjustments to reach the goal (think feedback) Board of directors: elected by stockholders to oversee a large company. Ceo/ chief executive officer: manage the company on a daily basis. Coo/ chief operating officer: responsible for the company"s operations such as research, development, production, and distribution. Cfo/ chief financial officer: responsible for all the company"s financial concerns. Treasurer: reports directly to the cfo and primarily responsible for raising funds (stocks and bonds) and investing funds. Controller: reports directly to cfo and responsible for general financial and managerial accounting and tax reporting. Internal audit function: ensure the company"s internal controls and risk management policies are functioning properly.
