Chapter 1 Definitions

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Chapter 1 – Managerial Accounting and the Business Environment 1. Managerial Accounting – the phase of accounting concerned with providing information to managers for use in  planning and controlling operations and for decision making. 2. Financial Accounting – the phase of accounting with providing information to shareholders, creditors, and others  outside the organization. 3. Planning – selecting a course of action and specifying how the action will be implemented. 4. Directing And Motivating – mobilizing people to carry out plans and run routine operations. 5. Controlling – ensuring that the plan is actually carried out and is appropriately modified as circumstances  change. 6. Strategy – a game plan that enables a company to attract customers by distinguishing itself from competitors. 7. Budget – a detailed plan for the future, usually expressed in formal quantitative terms. 8. Controller – the manager in charge of the accounting department in an organization. 9.
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This note was uploaded on 12/21/2010 for the course FMGT 2294 taught by Professor Jeyakumar during the Spring '10 term at Langara.

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Chapter 1 Definitions - 1 2 3 4 5 6 7 8 9

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