Chapter 1: Accounting for Management

Data v Information Data = facts Information = data which has been processed to become meaningful

ACCURATE A - Accurate C - Complete C - Cost-effective U - Understandable R - Relevant A - Accessible T - Timely E - Easy to use

Planning Objectives & strategies needed to achieve goals SMART Objectives (Specific, Measurable, Attainable, Relevant, Timed) Can be short or long term Decision makingCompare different courses of actionControlCompare actual results against planned results