ACCTG 231 Chapter Notes - Chapter Prologue: Business Process, Motivation, Cognitive Bias
Document Summary
Managerial: financial involves reporting nancial information to external parties. Emphasizes the nancial consequences of past activities, objectivity and veri ability, precision, and companywide performance. Mandatory for external reports and needs to comply with rules such as gaap and ifrs: managerial involves providing information to managers for use within the organization. Emphasizes decisions affecting the future, relevance, timeliness, and segment performance: a segment is a part of an organization about which managers would like cost, revenue, or pro t date. For example, business segments include product lines, costumer groups, geographic territories, divisions, plants, and departments. Not mandatory and does not need to comply with externally imposed rules. Establishing goals: for example, focusing on recruitment, our goal is to recruit the best and brightest . And specifying how to achieve them: for example, asking what , which , when , and how . !1: a budget is a detailed plan for the future usually expressed in formal.
