...subunits is not an objective of managerial accounting. True False | 3. | Middle-level managers would likely be considered internal users of accounting information rather than external users. True False | 4. | A controller is normally involved with preparing financial statements. True False | 5. | The upper limit on the production of goods and services if everything works perfectly is known as practical capacity. True False | 6. | Which of the following statements about managerial accountants is false? A. | Managerial accountants more and more are considered "business partners." | B. | Managerial accountants often are part of cross-functional teams. | C. | An increasing number of organizations are segregating managerial accountants in separate managerial-accounting departments. | D. | In a number of companies, managerial accountants make significant business decisions and resolve operating problems. | E. | The role of managerial accountants has changed considerably over the past decade. | | 7. | The day-to-day work of management teams will typically comprise all of the following activities except: A. | decision making. | B. | planning. | C. | cost minimizing. | D. | directing operational activities. | E. | controlling. | | 8. | Which of the following functions is best described as choosing among available alternatives? A. | Decision making. | B. | Planning. | C. |...
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...Course Outline School: Department: Course Title: Course Code: Course Hours/Credits: Prerequisites: Co-requisites: Eligible for Prior Learning, Assessment and Recognition: Originated by: Creation Date: Revised by: Revision Date: Current Semester: Approved by: Business Graduate Studies Accounting for Managerial Decision Making ACCT 701 56 N/A N/A Yes Basil Chan, John Harris Summer 2013 Geoffrey Prince Summer 2014 Winter 2015 Chairperson/Dean Students are expected to review and understand all areas of the course outline. Retain this course outline for future transfer credit applications. A fee may be charged for additional copies. This course outline is available in alternative formats upon request. ACCT 701 CENTENNIAL COLLEGE Accounting for Managerial Decision Making Course Description This course will introduce the student to the principles of management accounting. Topics include costvolume-profit relationships, relevant costing, performance measurement, and the application of management accounting concepts and techniques to support business decision making. Program Outcomes Successful completion of this and other courses in the program culminates in the achievement of the Vocational Learning Outcomes (program outcomes) set by the Ministry of Training, Colleges and Universities in the Program Standard. The VLOs express the learning a student must reliably demonstrate before graduation. To ensure a meaningful learning experience and to better understand...
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...Goal of Managerial Accounting http://edugen.wileyplus.com/edugen/courses/crs4637/rc/jiambalvo3341c... GOAL OF MANAGERIAL ACCOUNTING LEARNING OBJECTIVE 1 State the primary goal of managerial accounting. Virtually all managers need to plan and control their operations and make a variety of decisions. The goal of managerial accounting is to provide the information they need for planning, control, and decision making. If your goal is to be an effective manager, a thorough understanding of managerial accounting is essential. Planning LEARNING OBJECTIVE 2 Describe how budgets are used in planning. Planning is a key activity for all companies. A plan communicates a company's goals to employees aiding coordination of various functions, such as sales and production.A plan also specifies the resources needed to achieve company goals. Budgets for Planning The financial plans prepared by managerial accountants are referred to as budgets. A wide variety of budgets may be prepared. For example, a profit budget indicates planned income, a cash-flow budget indicates planned cash inflows and outflows, and a production budget indicates the planned quantity of production and the expected costs. Consider the production budget for Surge Performance Beverage Company. In the coming year, the company plans to produce 5,000,000 12-ounce bottles. This amount is based on forecasted sales. To produce this volume, the company estimates it will spend $1,500,000 on bottles, $400,000...
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...Principles of Business Management Course Number: ACF 171 (4 units) Course Instructor: Inam ur Rahman Course Description: Principles of Business Management is an introduction to the process through which a business coordinates different activities, resources and people to reach its goals. It is designed to give students the basic intellectual tools and aptitudes they need to meet today's business challenges. This basic management course will provide understanding of different functional areas of management. The course explores the application of management theory to practical managerial challenges. These activities include planning, organizing, staffing, leading, and controlling, and involve the effective utilization of the economic resources of land, labor, capital, entrepreneurship, and technology. Special attention will be given to social responsibilities, managerial ethics and importance of leadership in organization. Course Objectives: There are three core objectives of this course: firstly to establish what constitutes a business – different types of businesses and their impact; secondly to develop an understanding about "management" and its functional areas, such as, planning, organizing, leading and controlling; thirdly, to develop certain competencies (managerial skills) such as analyzing, thinking, organizing, communicating, reporting and decisions making skills etc. After successfully completing the requirements of this course, the students will...
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...CHAPTER 1 MANAGERIAL ACCOUNTING IN THE INFORMATION AGE CHAPTER Introduction FINANCIAL ACCOUNTING STRESSES ACCOUNTING CONCEPTS AND PROCEDURES THAT RELATE TO PREPARING REPORTS FOR EXTERNAL USERS OF ACCOUNTING INFORMATION. IN COMPARISON, MANAGERIAL ACCOUNTING STRESSES ACCOUNTING CONCEPTS AND PROCEDURES THAT ARE RELEVANT TO PREPARING REPORTS FOR INTERNAL USERS OF ACCOUNTING INFORMATION. THIS CHAPTER PROVIDES AN OVERVIEW OF THE ROLE OF MANAGERIAL ACCOUNTING IN PLANNING, CONTROL, AND DECISION MAKING. IT ALSO DEFINES IMPORTANT COST CONCEPTS AND INTRODUCES KEY IDEAS THAT WILL BE EMPHASIZED THROUGHOUT THE TEXT. THE CHAPTER CONCLUDES WITH A DISCUSSION OF THE INFORMATION AGE AND THE IMPACT OF INFORMATION TECHNOLOGY ON BUSINESS, A FRAMEWORK FOR ETHICAL DECISION-MAKING AND THE ROLE OF THE CONTROLLER AS THE TOP MANAGEMENT ACCOUNTANT. NOTE THAT YOU CAN ENHANCE AND TEST YOUR KNOWLEDGE OF THE CHAPTER USING WILEY’S ONLINE RESOURCES, THE SELF-ASSESSMENT QUIZ AND REVIEW PROBLEMS AT THE END OF THE CHAPTER. Objectives, Terms, and Discussions LO1 State the primary goal of managerial accounting. GOAL OF MANAGERIAL ACCOUNTING Managers need to plan and control their operations and make a variety of decisions. The goal of managerial accounting is to provide the information managers need for planning, control, and decision making. LO2 Describe how budgets are used in planning. Planning A plan communicates a company's goals to employees and specifies the resources needed...
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...Post-Graduate Diploma in Management Managerial Economics Course Owner: Sadananda Prusty, Ph. D Name of Faculty Members to Teach this Course (To be mentioned after final course allocation) Institute of Management Technology Ghaziabad Course Background and Learning Objectives: “Economics is a study of mankind in the ordinary business of life.” So wrote Alfred Marshall, the great nineteenth-century economist, in his textbook, Principles of Economics. Although we have learned much about the economy since Marshall’s time, this definition of economics is as true today as it was in 1890, when the first edition of his text was published. In recent years, there are many questions about the economy that might spark any one’s curiosity. Why are apartments so hard to find in Mumbai City? Why do airlines charge less for a round-trip ticket? Why executive class airfare is costlier than economic class? Why are jobs easy to find in some years and hard to find in others? Why a package tour costs less as compared to individual booking of air ticket and hotel? Moreover, as one go about his/her life, he/she make many economic decisions. During student carrier one has to decide how many years to stay in school. After joining in a job, one has to decide how much of his/her income to spend, how much to save, and how to invest his/her savings. When running a small business or a large corporation, and one will decide...
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...CHAPTER 1 THE CHANGING ROLE OF MANAGERIAL ACCOUNTING IN A DYNAMIC BUSINESS ENVIRONMENT Learning Objectives 1. Define managerial accounting and describe its role in the management process. 2. Explain four fundamental management processes that help organizations attain their goals. 3. List and describe five objectives of managerial accounting activity. 4. Explain the major differences between managerial and financial accounting. 5. Explain where managerial accountants are located in an organization, in terms of formal organization, deployment in cross-functional teams, and physical location. 6. Describe the roles of an organization's chief financial officer (CFO) or controller, treasurer, and internal auditor. 7. Briefly describe some of the major contemporary themes in managerial accounting. 8. Understand and explain the concepts of strategic cost management and the value chain. 9. Understand the ethical responsibilities of a managerial accountant. 10. Discuss the professional organizations, certification process, and ethical standards in the field of managerial accounting. Chapter Overview I. The Management Process in Organizations A. What is managerial accounting? B. Management activities 1. Decision making 2. Planning 3. Directing operational activities 4. Controlling II. How Managerial Accounting Adds Value to the Organization A. Provides information...
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... | |INTERNATIONAL ISLAMIC UNIVERSITY MALAYSIA | |COURSE OUTLINE | | | |Kulliyyah / Institute |Kulliyyah of Economics and Management Sciences | |Department / Centre |Department of Business Administration | |Programme |Bachelor of Business Administration | |Name of Course / Mode |Strategic Management | |Course Code | | | |MGT 4760 | |Name (s) of Academic staff / | | |Instructor(s) ...
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...on business decisions. Cost Volume Profit Analysis: Relationship, impact on pricing, practical decision making strategies through CVP analysis Standard Costing and Variance analysis: concept and objectives of standard costing, advantages and limitations, variance analysis (Material, labour, overheads and sales variance), practical applications Budgeting and budgetary control mechanism Activity based costing, Responsibility Accounting Target costing Objective Objective of this course is to help student understand: 1. The essence of management accounting-effective use of the accounting information for planning, control and business decision making. 2. To use cost accounting as a managerial tool for business strategy and implementation. 3. To understand analyse the costing tools and their business application for enhancing revenue and profitability of a firm,. 4. To analyse various aspects of costing such as, marginal costing, absorption costing, allocation of costs, standard costing and variance analysis, activity based costing, target costing etc. 5. To understand the process of decision making, planning and budgeting in a business organisation. Pedagogy Lectures Discussions on case studies Term Projects and presentations Discussion and presentation on published research papers on related topics. Text book: Management Accounting: Paresh Shah, OXFORD UNIVERSITY Press, Edition, Eighth impression 2012. Reference Books: 1. Managerial Accounting,...
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...Chapter 1 Introduction to Managerial Accounting Regardless of your major or intended career path, most of you will become managers one day. A manager has responsibility and control of selected parts of a company’s operations, or in some cases, multiple aspects of operations. Only those of you that happen to stay at the ‘bottom’ of a company, prefer never to get promoted, or never accept any responsibility for some aspect of a business, will miss the ‘management’ opportunity. Fortunately, none of you will likely fall into this persona given that you have taken the initiative to attend college. Understanding managerial accounting will help you move up the ladder more quickly, regardless of your chosen career path. How Can Managerial Accounting Help You? In any responsible business capacity, your boss and all other management levels above you will want to know how well you handle your responsibilities. To do so requires that they measure your performance. The evaluation process is similar to your perceptions in each college course in which you enroll. During your first class meeting in each course, one of your initial goals is to find out how your performance will be evaluated. In a business environment, you want to know what they expect, i.e., how they will measure your performance. While you won’t be earning letter grades in the business world, your performance will ultimately translate into promotions, bonuses, raises, reprimands, or perhaps dreaded walking...
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...Decision support systems and Business Intelligence: an overview Contents Course introduction 1–3 Module one objectives 1–3 Use of Study Guide 1–3 Suggested study schedule 1–4 Readings 1–4 Changing business environments and computerised decision support 1–4 Managerial decision-making 1–5 Computerised support for decision making: systems and technologies 1–5 The systems 1–5 The technologies 1–5 A framework for decision support 1–6 Management science 1–6 Concept of decision support systems & business intelligence 1–7 DSS – BI connection 1–7 Course plan and themes 1–7 Conclusion 1–8 Course introduction This first module aims to provide an overview of the topic and provide the broad backdrop into which the other modules will fit. Today’s business environment is constantly changing, and it is becoming more and more complex. Private and public organizations are required to respond quickly to changing conditions; be it government regulations or informed customers or market conditions. This requires organizations to be agile and to make frequent and quick strategic, tactical, and operational decisions. Making such decisions may require considerable amounts of relevant data, information, and knowledge. Processing these, in the framework of the needed decisions, must be done quickly, frequently in real time, and usually requires some computerized support. This course is about using business intelligence as computerized support for managerial...
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...Business MANAGERIAL ACCOUNTING Course Syllabus Professor Yun Zhang Phone: 202-994-7532 Suite 601-C Funger Hall Email: yunzhang@gwu.edu 2201 G Street NW Washington DC 20052 Course Introduction Managerial accounting is concerned with the use of accounting data by managers to plan and control (evaluate) personnel and operations of the firm. The focus is on planning, decision-making, and control by the organization and on the accounting systems that managers have to assist them in their decisions about resource allocation and performance evaluation. The course is intended as an introduction for individuals who will make business decisions, evaluate business units, and evaluate others (or be evaluated) through the use of accounting systems. The course will be loosely divided into two topics: cost management systems and managerial control systems. Each topic is briefly described below. Cost Management Systems: The objective of the cost management system is to provide information about the costs of the goods and services sold by the firm. While financial accounting requires that product cost information be accumulated in particular ways for external reporting, the focus in the course will be on cost systems that aid managerial decision-making. We will start with a...
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...8115, Syllabus, Aderhold Room 204, 4:30-7pm, Wednesday, Spring, 2010 MANAGEMENT ACCOUNTING This course introduces you to a select set of topics on managerial decision-making and control, including basic cost concepts, inventory process systems, budgeting, performance measures, segments and transfer pricing. We will examine the current practices of these elements of managerial control in decentralized business organizations and conceptual issues related to designing effective managerial decision-making and control systems. The general aim of this course is to help you develop a basic but solid understanding of how management systems function, and to help you to develop a conceptual framework for critically analyzing managerial control systems. Students are expected to recognize and uphold standards of intellectual and academic integrity. The University Policy on Academic Honesty is explained in detail in the student handbook On Campus and is available online at www.gsu.edu/oncampus. The course syllabus and class schedule provides a general plan for the course; deviations may be necessary. Attendance – Each student is expected to attend all scheduled class meetings for the entire duration of the class. Most students will find MBA 8115 to be very demanding. Poor attendance will almost certainly result in poor course performance. Exams – There will be three exams, each covering specified chapters. Exams may contain any content contained in the reading assignments,...
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...C H A P T E R 1 The Nature and Scope of Managerial Economics chief of Omaha, W arren E. Buffett, the renowned chairman andstartedexecutive officerpartnership Nebraska-based Berkshire Hathaway, Inc., an investment with $100 in 1956 and has gone on to accumulate a personal net worth in excess of $30 billion. It is intriguing that Buffett credits his success to a basic understanding of managerial economics. Berkshire’s collection of operating businesses includes the GEICO Insurance Company, Buffalo News newspaper, See’s Candies, and the Nebraska Furniture Mart. They commonly earn 30%–50% per year on invested capital. This is astonishingly good performance in light of the 10%–12% return typical of industry in general. A second and equally important contributor to Berkshire’s outstanding performance is a handful of substantial holdings in publicly traded common stocks such as The American Express Company, The Coca-Cola Company, and Wells Fargo & Company. As both manager and investor, Buffett looks for ‘‘wonderful businesses’’ with outstanding economic characteristics: high rates of return on invested capital, substantial profit margins on sales, and consistent earnings growth. Complicated businesses that face fierce competition or require large capital investment and ongoing innovation are shunned.1 Buffett’s success is powerful testimony to the practical usefulness of managerial economics. Managerial economics answers fundamental questions. When are the characteristics of a market...
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...Significance and Limitations of Rational Decision-making Managers as Decision-makers The Rational Model Non-rational Models Decision-making Process Types of Managerial Decisions Programmed Decisions Non-programmed Decisions Decision-making Under Certainty, Uncertainty and Risk Management Information System vs Decision Support System The Systems Approach to Decision-making Group Decision-making Forms of Group Decision-making Decision-making Techniques Summary Decision-making describes the process by which a course of action is selected to deal with a specific problem. The success of an organization depends greatly on the decisions of managers. There are two major types of models used by managers to make decisions - (1) rational model and (2) non-rational models. In the rational model, managers engage in rational decision-making processes. At the time of decision-making, they possess as well as understand all the information that is relevant to their decision. In contrast, non-rational models of managerial decision-making suggest that limitations of information-gathering and information-processing make it difficult for managers to make optimal decisions. The three non-rational models of decision-making discussed in the chapter are: satisficing, incremental, and garbage-can models. Any decision-making process contains seven basic steps: (1) identifying the problem; (2) identifying resources and constraints, (3) generating alternative solutions...
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