BUS X100 1nd Edition Lecture 10 Outline of Last Lecture I. What is a team?a. Effective team characteristicsb. Co-operative group characteristicsII. Group Decisions Makinga. FactsIII. ‘Six-Step Action-Oriented’ Decision Making Processa. StepsIV. Types of Formal Teamsa. Management teams, quality circle, work teams, project teams, and virtual teamsV. The Five Stages of Group Developmenta. Forming, storming, norming, performing, and adjourningVI. Team Effectivenessa. CharacteristicsVII. Group Cohesiveness and ProductivityVIII. Demonstrating ‘Team’ LeadershipIX. Tips on Team LeadershipX. Handling ConflictXI. Organizational SkillsThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.XII. ‘Social Loafing’Characteristics of Effective TeamsOutline of Current Lecture Accounting: ‘Keeping Score’I. Accounting and the Management Processa. definitionb. planning organizing, directing, controlling, review modifyII. Users of Accounting Informationa. management, government, agencies, stockholders & investors, lenders & suppliers, competitorsIII. Relationships between Information, Intelligence & Riska. descriptionIV. Management Information System (MIS)a. descriptionV. Accountinga. three typesb. definitionVI. Types of Accountinga. Financial Accountingb. Managerial Accountingc. Tax AccountingVII. Financial Accountinga. key stepsVIII. Financial Reportsa. factsIX. Fundamental Rule of Double-Entry Accountinga. debits, creditsX. Sequence of the Accounting Cyclea. step 1-4XI. Financial Statements a. four types of key documentsXII. Independent Auditor’s Opinion of Financial Statementsa. 6 responsibilities of the auditor when expressing an ‘opinion’XIII. Financial Accounting Summarya. audience, purpose, requires, results, responsibility, and opinionCurrent LectureI. Accounting and the Management Processa. management- is the process of leading and coordinating people (along with other resources) to achieve the organization’s goals and objectives.i. Every manager needs to utilize 5 important steps:1. planning, organizing, directing, controlling, and reviewing and modifying in every situationII. Users of Accounting Informationa. the primary users of accounting information are a company’s managers… but individuals and organizations outside the company also require information of its finances.III. Relationship between Information, Intelligence, and Riska. better intelligence leads to better decisions and less risk in decion-making.b. good data and information are necessary for good intelligenceIV. Management Information System (MIS)a. integrated database capable of receiving, organizing, summarizing, and calculating data and information from functional areas, and providing information to managers from functional areas networked into the system.V. Accountinga. a system that provides information on the activities of an organization.b. Three Types:i. Financialii. Managerialiii. Taxc. Depending upon he target audience, accounting systems can be regulated by very different formal or informal guidelines.VI. Types of Accounting Systemsa. Financial Accounting i. prepares information concerning the financial performance of a company within a given time period.ii. audience – external interested parties as well as internal to the organizationb. Managerial Accounting i. prepares information concerning the operational performance of a companyii. audience: internal to the organizationc. Tax accountingi. prepares information in accordance with very specific tax guidelines, usually developed by governmental taxing agenciesii. audience: tax collecting authoritiesVII. Financial Accountinga. the process of systematically collecting, analyzing and reporting financial information… to provide management and other interested parties with the information they need to make good decisions.b. Key Steps:i. transactions- accountants have to have transactions to trigger their worksand accounting systemsii. accounting system- to collect, record, classify and check transactionsiii. financial information- to summarize and develop financial ststementsiv. financial statementsVIII. Financial Reportsa. most companies report to stockholders based on their ‘fiscal’ year-end – Dec 31st or other datesb. other reports are issued more frequently, perhaps monthly or quarterlyc. this frequency of reports forces accountants to use data based on judgments andestimates – and need to make adjusting accruals. IX. The Fundamental Rule of Double-Entry Accountinga. when DEBITS = CREDITSi. *when entries on the left = entries on the rightX. Sequence of the Accounting Cycle a. Step 1: COLLECT AND ANALYZE transactionsb. Step 2: RECORD the effects of the transactionsc. Step 3: CLASSIFY AND VERIFY effects of transactions by posting journal entries and preparing a TRIAL BALANCE (to assure debits = credits)d. Step 4: PREPARE AND SUMMARIZE reports by adjusting entries (estimates and accruals), preparing financial statements, and closing the booksXI. Financial Statements: Key Documents:a. Balance Sheeti. statement of financial positions at the end of periodsb. Income Statementi. profit and loss statement between periodsc. Statement of Cash Flow i. operating, investing and financing between periodsd. Statement of Stockholders’ EquityXII. Financial Accounting Summarya. audience – external as well as the internal usersb. purpose – good information for intelligent decision makingc. requires – ‘transactions’ and an accounting system in accordance with GAAPd. results in – annual and financial reports, 10-k..e. *responsibility – the firm’s managementf. opinion – provided by an independent auditor