MANAGERIAL ACCTG BOOK NOTES
CH 1
Managerial acctg-
info to managers for se within the organization
Financial acctg emphasizes importance of past activities/performance, managerial
concerned w decisions affecting future, timeliness, segment performance
Segment-
part or activity of an organization about which managers would like cose,
revenue, or profit data ie product lines, customer groups, territories, departments
Financial—GAAP, managerial- does not comply w externally imposed rules
3 vital activities- 1) PLANNING- establishing goals and how to achieve
2) CONTROLLING- gathering feedback to ensure the plan is properly executed 3)
DECISION MAKING- selecting course of action from competing alternatives
1)Budget-
detailed plan for future expressed in quantitative terms
2) performance report
- compares budgeted data to actual data in effort to identify and
learn from excellent performance and identify and eliminate sources of unsatisfactory
performance
Strategy-
game plan that enables company to attract customers and distinguish itself
from competitors
Customer value propositions--- customer intimacy (Nordstrom), operational excellence
(google), product leadership (BMW, apple)
Enterprise risk management-
process that identifies risks in business strategy and
develops responses to them
Business process-
series of steps that are followed in order to carry out some task in a
business
Value chain-
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- Spring '08
- STAFF
- COGS, Direct materials cost, direct labor cost
-
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