1: Managerial Accounting

Managerial Accounting

purpose is to provide information to managers for use in planning and controlling operations for decision making

Financial Accounting

purpose is to provide information to shareholders, creditors, and other stakeholders outside the organization

Directing and motivating

Mobilizing people to carry out plans and run routine operations

Controlling

Gathering feedback to ensure that the plan is being properly executed or modified as necessary

Decision making

Selecting a course of action from among alternatives

Budget

A quantitative plan for acquiring and using financial and other resources over a specified future time period

Performance reports

detailed reports prepared on a periodic basis that compare budgeted data to actual data

Planning and control cycle

the flow of management activities through planning, directing and motivating, controlling, and then back to planning again

Data Analytics

The process of analyzing data with aid of specialized systems and software to draw conclusions about the information they contain

Strategy

a game plan that enables a company to attract and retain customers by distinguishing itself from competitors

Segments

any parts of an organization that can be evaluated independently of other parts and about which the manager seeks financial or non-financial data

Business process

A series of steps that are followed to carry out some task or activity in a business

Enterprise Risk Management

a process used by a company to proactively identify and manage foreseeable risks

Corporate social responsibility (CSR)

A concept whereby organizations consider the needs of stakeholders when making decisions

International Sustainability Standards Board (ISSB)

this board was created in 2021 with the objective of developing disclosure standards that are less discretionary and meet information needs of investors on a global basis