Jan 09, 2008 - Lecture...

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Lecture Critical Success Factor (Indicators of Business Success) Accounting “measure” financial performance Achieving financial performance Meeting customer needs Providing quality goods and services Encouraging innovation and creativity Gaining employee commitment  These five factors are all interconnected  and affect each other. Accounting “The process of gathering, recording (book-keeping), classifying,  summarizing,   reporting and analyzing  in monetary terms,  information  about and organization to  aid in  decision-making .” There are two branches of Accounting: Managerial accounting Financial accounting Decisions are made by different groups of people , who require different information.  So we need two types of accounting, one for managers and organizers within the  business, and one for outsiders such as stakeholders and creditors etc. outside the  company. Comparison between Managerial and Financial Accounting Managerial Financial People Inside (managers) People Outside (investors, lenders,  government, competitors, union, etc.) C.M.A. C.A. (public chartered accountants) Specific Information General Information (Relative to their  decision-makings) Segments (in terms of departments  and details) Whole Current and Future (projections) Past Speed Precision (can be trusted and  depended) Relevant, flexible, useful (depending  on the decision making) Required (by government,  stakeholders, etc.) Whatever form suits (personal  preference involved) G.A.A.P (Generally Accepted  Accounting Principles)
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G.A.A.P (By the C.I.C.A. = Canadian Institute of Chartered Accountants)
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This note was uploaded on 01/11/2012 for the course BIOL 2021 BIOL 2021 taught by Professor Pat during the Fall '10 term at York University.

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Jan 09, 2008 - Lecture...

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