Unit 7 Management Reports

Unit 7 Management Reports - BFA103 Financial Accounting and...

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Unformatted text preview: BFA103 Financial Accounting and Decision Making 2 nd Semester 2009 ___________________________________ School of Accounting & Corporate Governance School of Accounting & Corporate Governance BFA103 Financial Accounting & Decision Making Unit 7 Management Reports ___________________________________ School of Accounting & Corporate Governance BFA103 Financial Accounting & Decision Making Objectives: For students to be able to: Prepare a simple departmental income statement. Prepare simple cash budgets. Explain the part that budgets play in the planning and control process of managers. Explain the function of projected financial statements, and identify the factors that must be considered when evaluating these statements. Explain the following terms management by exception, sensitivity analysis, master budget. ___________________________________ School of Accounting & Corporate Governance BFA103 Financial Accounting & Decision Making References: Atrill, McLaney, Harvey & Jenner. Chapters 9 & 10. ___________________________________ School of Accounting & Corporate Governance BFA103 Financial Accounting & Decision Making In unit 1 we defined accounting as providing information useful in making financial decisions . ___________________________________ School of Accounting & Corporate Governance BFA103 Financial Accounting & Decision Making The two main users of accounting information are: external users; and internal users. ___________________________________ School of Accounting & Corporate Governance BFA103 Financial Accounting & Decision Making ___________________________________ Figure 2 Accounting Information and Decision Making Set Goals Make Plans Evaluate Control School of Accounting & Corporate Governance BFA103 Financial Accounting & Decision Making Information needs of managers Planning and control There are four steps to planning and control; they are: 1.Deciding on the overall objectives of the business ___________________________________ School of Accounting & Corporate Governance BFA103 Financial Accounting & Decision Making Planning and control Steps to planning and control 2. Setting long term plans ___________________________________ School of Accounting & Corporate Governance BFA103 Financial Accounting & Decision Making Planning and control Steps to planning and control 3. Setting short term plans (budgets) ___________________________________ School of Accounting & Corporate Governance BFA103 Financial Accounting & Decision Making Planning and control Steps to planning and control 4. Achieving control ___________________________________ School of Accounting & Corporate Governance BFA103 Financial Accounting & Decision Making Reports Management reports differ from external reports: They are more detailed and designed for a specific purpose ___________________________________ School of Accounting & Corporate Governance BFA103 Financial Accounting & Decision Making Reports Management reports differ from external reports: They are prepared more frequently ___________________________________ School of Accounting & Corporate Governance...
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Unit 7 Management Reports - BFA103 Financial Accounting and...

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