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ACG3341 - Ch1
FSU Fennema Exam 1 Summer B
4
Accounting
Undergraduate 4
05/14/2010
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Term
What are 3 general uses for accounting information?
 Definition

1) Managerial Decision Making

2) External Performance Evaluation

3) Internal Performance Evaluation
Term
What are characteristics of financial accounting?
 Definition

1) Used for outside the organization

2) Follows GAAP

3) Historic in nature

4) Presented in Summary Form
Term
What are characteristics of managerial accounting?
 Definition

1) Used for inside the company

2) Doesn't have to follow GAAP

3) Future Oriented Information

4) Highly Detailed Information

5) Benefit must exceed the cost for information
Term
What are the three steps for planning and control?
 Definition

1) Make a criteria for performance

2) Test current performance

3) Compare and take action
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