Chapter 1 Book Notes - company in the most efficient way...

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Chapter 1 What is management accounting? o Providing both financial an non-financial information used for making decisions o Mostly internal information o Provides feedback on past operations and makes predictions into future operations o Helps create the decision making guidelines within a company o No rules to it’s content- completely structured around what a company needs Strategy o About an organization making choices about what it will do and what it will not do o A strategy allows both internal and external decisions to be made to run a
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Unformatted text preview: company in the most efficient way • Plan-Do-Act-Check Cycle o Plan- identify objective and choose a course of action to achieve the desired objectives o Do- implement the chosen course of action o Check- monitor the results of actions and evaluate the results by comparing them to past results o Act- maintain the current direction if results are acceptable, if not return to the drawing board...
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This note was uploaded on 02/07/2012 for the course ACCT I S 211 taught by Professor Ta during the Fall '12 term at University of Wisconsin.

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