...Financial and Managerial accounting are used for making sound financial decisions about an organization. They provide information of past quantitative financial activities and are useful in making future economic decisions. (Albrecht, Stice, Stice, & Skousen, 2002) The same financial data is used to derive reports for each accounting process yet they differ in some ways. Financial accounting primarily provides external reports for external users such as stock holders, creditors, regulating authority and others. (Garrison, Noreen, & Brewer, 2010) On the other hand Managerial accounting is concern with providing information that deals with the internal viability of the organization and is tailored to meet the needs of an individual organization. (Albrecht, Stice, Stice, & Skousen, 2002) Managerial Accounting addresses those aspects that relates to an individual organization return on investments (ROI). (Albrecht, Stice, Stice, & Skousen, 2002) A company’s profitability depends on periodic attention to its assets turnover and profit margin. This process is designed to support the de... ... middle of paper ... ...egulator or auditor is going to insist that a company implement a good management accounting system. (Garrison, Noreen, & Brewer, 2010) The choice of how to collect and utilize information in a company is strictly management’s decision and is a part of the company’s competitive strategy. Financial and Managerial accounting are used for making sound financial...
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...on cost and performance measure of the company. The Marketing Science is 4* journal ranked by ABS, is published by the Institute for Operations Research and the Management Sciences which members by practitioners. Erin Anderson passed away in 2007 where her last position was the professor in INSEAD. She has written two books and over forty articles related to marketing and management field. Her research focused on the issue involved in sales and marketing related to motivation problem, structuring and controlling the sales force. For the early stage, the sample for this paper generates by 1980 Audit of Brand Recognition. District sales managers from 16 companies have responded to the questionnaire. The district sales manager has average six years’ experience in selling and the firm environment. The result from this paper has supported the firm to use direct sales force especially when company produce a complex product and involve in confidential data. Additionally, the firm able to utilise direct sales force to do non-selling support to provide feedback and support to the client. As for the easier-to-sell product, the direct sales force is more cost-effective. The concerned by the firm engaging sales representative agent is the dependency...
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...HUMAN RESOURCE COSTING AND ACCOUNTING VERSUS THE BALANCED SCORECARD: A LITERATURE SURVEY OF EXPERIENCE WITH THE CONCEPTS1 Ulf Johanson, Gunilla Eklöv, Mikael Holmgren, Maria Mårtensson2 6FKRRO RI %XVLQHVV 6WRFNKROP 8QLYHUVLW\ à Uurà rrà wrpà và rà sà rr hyà i wrpà và urà H@SDUVHà Hrh vtà Dhtviyrà à Vqr hqà hq D rÃDhvà Hhhtrrà wrpà Uurà hvà sà urà H@SDUVHà wrpà và à vrvthrà vivyvvrà à rh r hqà r à vhtviyrà 6à urà rrà vrà vrà vr vvrà hqà rrh puà vvrà và và @ rhà p vr 9rh xÃAvyhqà A hprà I hà Thvà hqà Trqrà h rà h vpvhvtà và urà wrpà 6h à s à svhpvhyà s ÃurÃ@ rhÃ8vvÃsqvtÃsÃurÃTrqvuÃqvrÃh rÃihvrqÃs ÃurÃP@89ÃurÃTrqvuÃ8pvyÃs X xÃGvsrÃSrrh puÃIrxÃurÃTrqvuÃHvv ÃsÃU hqrÃhqÃDq ÃhqÃurÃTrqvuÃQiyvpÃSryhvÃ6pvhv 6Ãs r Ãr vÃsÃuvÃhr ÃhÃqryvr rqÃÃurÃP@89Ãvà ((' ÃUurÃhu ÃhÃÃuhxÃGrÃTuhÃhqÃHhvÃTxtÃs ÃvtvsvphÃp vivÃÃurà rrÃhr +XPDQ 5HVRXUFH &RVWLQJ DQG $FFRXQWLQJ YV WKH %DODQFHG 6FRUHFDUG $%675$&7 In the present paper conclusions are drawn from literature whose goal was to put information on intangibles into financial and non-financial frameworks. The analysis primarily focuses on two concepts: The human resource management oriented concept called Human...
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...ADM 335 ACCOUNTING II: MANAGERIAL ACCOUNTING COURSE DESCRIPTION Managerial accounting involves the use of economic and financial information to plan and control many of the activities of the business entity and to support the management decision-making process. The main objective of this course is to explore the relevant issues of cost accounting. Hence, this course examines the acquisition, analysis, and reporting of accounting information from the perspective of effective management decision making, with special emphasis on the planning and control responsibilities of practicing managers. It also familiarizes the student with an electronic spreadsheet package found in today’s business world. TOPICS Topics to be covered in this course: • • • • • • • • • • • • • Managerial Accounting—Definition and Perspective Cost Terms, Concepts, and Classifications Job-Order Costing Process Costing Cost Behavior Analysis Cost-Volume-Profit Relationships Profit Planning and Budgeting Standard Costs and Variance Reporting Flexible Budgets Segment Reporting and Profitability Relevant Costs for Decision Making Statement of Cash Flows Financial Statement Analysis STUDENT—1 ACCOUNTING II: MANAGERIAL ACCOUNTING This syllabus has been developed by the faculty of the College of Business and Management at Cardinal Stritch University. © 2014 Cardinal Stritch University Syllabus Control Number: 061614 STUDENT—2 ACCOUNTING II: MANAGERIAL ACCOUNTING INTRODUCTION SYLLABUS FORMAT This...
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...Bibliography ABS Journals with value of 3 and above: 1. Barney, J. B.. (1986). ORGANIZATIONAL CULTURE - CAN IT BE A SOURCE OF SUSTAINED COMPETITIVE ADVANTAGE. Academy of Management Review. 11 (3), 656-665. 2. De George, R. (1987). The Status of Business Ethics: Past and Future.Journal of Business Ethics. 6, pg201-211 3. Desponded et al. (1989). Organisational Culture and Marketing: Defining the Research Agenda. The Journal of Marketing. 53, pg3-4. 4. Fogarty, T.J. 1996, "The imagery and reality of peer review in the U.S.: Insights from institutional theory", Accounting, Organizations and Society, vol. 21, no. 2, pp. 243-267 5. Goodpaster, K. (1991). Business Ethics and Stakeholder Analysis. Business Ethics Quarterly, pg. 54-69. 6. Hilary, G. & Lennox, C. 2005, "The credibility of self-regulation: Evidence from the accounting profession's peer review program", Journal of Accounting and Economics, vol. 40, no. 1, pp. 211-229. 7. Jarnagin, C. ;Slocum, J. W. (2007). Creating corporate cultures through mythopoetic leadership. Organizational Dynamics. 36 (3), 288-302. 8. Kavanagh, M. H. ;Ashkanasy, N. M.. (2006). The impact of leadership and change management strategy on organizational culture and individual acceptance of change during a merger. British Journal of Management. 17 (1), S81-S103. 9. Kend, M. & A, H.K. 2013, "The CLERP 9 audit reforms: benefits and costs through the eyes of regulators, standard setters and Audit service suppliers"...
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...14/05/2014 Mixed Costs Total Mixed Cost VC Per Unit (Slope) Purpose of Mixed Cost Analysis To predict cost at an activity level with no historical record: Total mixed cost line can be expressed as: 2N Y Total Utility Cost Fixed Cost (Intercept) Level of Activity If your fixed monthly utility charge is $40, your variable cost is $0.03 per kilowatt hour, can you predict the utility of next month when you plan to use 2,000 kilowatt hours? Y = a + bX Variable Cost per KW Fixed Monthly Utility Charge Y = $40 + ($0.03 × 2,000) Y = $100 X Activity (Kilowatt Hours) A mixed cost has both fixed and variable components. Total cost CHANGES with activity level but NOT IN PROPORTION The High-Low Method 1. Find the data with highest & lowest activity level 2. Compare high vs low point data to get the slope, b, unit VC 3. Use either high or low point data to get a, total fixed cost Assume the following hours of maintenance work and the total maintenance costs for six months. Y = a + bX • From Algebra, if we know any two points on a line, we can determine its slope. 2. Break-Even Analysis (J. Smith ~ Taxi Driver) Break Even Point is the point at which costs and sales are equal CM = fixed costs. Fixed costs (FC) Insurance Car payment Interest Dispatcher fees Variable costs (VC) Gas Maintenance & repairs neither gain nor loss $ (principal or amortization) Value of Costs or Revenue Step 2, the slope or b is determined by difference...
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...GRAZIADIO SCHOOL OF BUSINESS AND MANAGEMENT PROFESSOR CHUCK MCPEAK MBAM-601.13 ACCOUNTING FOR DECISION MAKERS FALL 2006 WENESDAY 8-12 AM MALIBU SYLLABUS ACCOUNTING FOR DECISION MAKERS MBAM-601.13 FALL 2006 Wednesday 8-12 AM Malibu Chuck McPeak 217 23rd St. Manhattan Beach CA 90266 Office (310) 506-4879 Home (310) 545-6921 FAX (310) 546-7671 Email cmcpeak@pepperdine.edu Course Description The primary emphasis of this study is to place sophisticated tools and techniques in the hands of primary users in making business decisions. Specific topics include cost behavior analysis, cost management systems, relevant cost analysis, performance measurement, and value-based management control systems. The course also includes presentations in teams whereby the students apply the course material. Course objectives At the conclusion of this course the student should be able to communicate cost information orally and in writing and should demonstrate managerial level analysis and decision making in the following areas: 1.Cost-Profit-Volume Analysis 2.Master budgeting 3.Relevant revenues 4.Management control systems 5.Performance measurement 6.Activity based costing 7.Job order costing 8.Ethical issues and the impact of Sarbanes-Oxley 9.The use of production data and information technology to solve business problems Text and Course Materials 1.Horngren, Foster & Datar “Cost Accounting A Managerial Emphasis”, Twelfth Edition, Prentice Hall, 2006 2.Harvard Business School Case 9-198-117...
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...+ FACULTY: ACCOUNTING, BANKING AND FINANCE PROGRAM: BACHELOR OF ACCOUNTANCY SUBJECT: MANAGEMENT TUTORIAL ASSIGNMENT STREAM 1D: GROUP 3-SUB-GROUP 1 GROUPMEMBERS: REG.NO: NDEMEKA, RENATUS. BAC/12/71432 MAKOLO, ALEX E. BAC/12/71337 CHARLES, PAMELA. BAC/12/61122 MORI, FADHILA J. BAC/12/61545 CHISUNGA, PAZI. BAC/12/71202 SEIF, SAADA AB. BAC/12/61153 MATTA, MICHAEL W. BAC/12/71131 QUESTION: Management can be thought of as multi-dimensional in nature. It can be defined as a process, as discipline, people and career. Clearly distinguish between managerial functions and managerial roles. How are they related? Introduction: The word’’ manage’’ comes from the Italian maneggiare {to handle especially tools}, which derives from Latin word manus{hand}.The French word mesnagement[later management]. It is very difficult to define the term management but different scholars tried to define management as follows; According to Harold koontz; Management is the art of getting things done through others and with formally organized groups. According to Bovee; Management is the process of achieving organizational goals through planning, organizing, leading and controlling the human physical financial and information resources of an organization in an effective and efficient manner. According to Mary Partner; Management is the art of getting things done through people. ...
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...BACHELOR OF COMMERCE (B.COM.,) PAPER – 2.1 MANAGERIAL ECONOMICS UNIT – I CHAPTER - I SECTION - I Definition of Managerial Economics Managerial economics refers to those aspects of economics and its tools of analysis most relevant to the firm’s decision-making process. According to MeNair and Meriam, managerial economies consists of the use of economic models of thought to analyze business situations. Some writers consider managerial economics as the integration of economic theory with business practice for the purpose of facilitating decision-making and forward planning by management. The underlying idea of all these definitions is that managerial economics means economics applied in decision-making. So we may consider managerial economics as a special branch of economics bridging the gap between abstract theory and managerial practice. It may be pointed out here that effective decision-making at the firms’ level calls for a careful analysis of a choice between alternative courses of action. Economic theory offers a variety of concepts and analytical tools which can be of considerable assistance to the manager in his decision-making process. In fact actual problem-solving may require many skills and tools which are not available in the traditional economist’s. For example, knowledge of accounting and of statistical concepts and methods, which are not taught in economics, can help the analyses to apply more effectively the economic...
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...Credit Risk Management Of AB Bank Limited 25. May, 2013 view with charts and images Executive Summary The ongoing development of contemporary management methods and the increased use of innovative financial products such as securitization and credit derivatives have brought about substantial changes in the business environment faced by credit institutions today. Especially in the field of lending, these changes and innovations are now forcing banks to adapt their in-house software systems and the relevant business processes to meet these new requirements. Credit Risk Management is intended to assist practitioners in redesigning a bank’s systems and processes in the course of implementing the Basel II framework. Throughout last five years securitization, rating and validation, credit approval processes and management, as well as credit risk mitigation techniques. Credit management is based on developments in the banking sectors is meant to provide readers with best practices AB bank would be well advised to implement regardless of the emergence of new regulatory capital requirements. AB Bank is to develop mutual understanding between regulatory authorities and banks with regard to the upcoming changes in banking. Credit risk Management provides interesting reading as well as a basis for efficient discussions of the current changes in AB Bank. The bank has been successful in holding its position as a progressive and dynamic financial institution in the country for a long...
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...Business Assignment Kyara Sloan 11. Business.1 Table of Contents: Product or business idea and its potential……………………………..1 Staff and management requirements………………………………….2 Market Analysis………………………………………………………3 Financial analysis and cash flow……………………………………..4 Appendix……………………………………………………………..6 Bibliography………………………………………………………….7 Product or business idea and its potential Business name: One Two Step One Two Step is a shoe shop for all ages. We have all different types of designs such as heels for teens to adults, runners for males and females of all ages, thongs and sandals. We are very friendly at one two step and like to help people with whatever shoes they need may it be for a formal, a party, a dinner, going to work, jogging, or anything else, we can help you. We are a small business because it is easier to run and a better environment to be in. At one two step we help with whatever needs you have just like bigger businesses do. We have chosen to set up our shop in WestPoint because it is a big shopping centre and gets really busy up there. We do get busy at different hours of the day. It is fun when we get busy because everyone likes meeting new people and telling them about our shoes. One two step is a private company and is run by a family, they have many around Sydney they are very popular a private company and is run by a family, they have many around Sydney they are very popular and the shop gets lots of profit. The shops are quite large and are...
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...Supply Chain Management Concerns BUS630/Managerial Accounting 8/22/2011 Supply Chain Management Concerns In the modern business world with an increase in technology and information-based consumers, it is no wonder why there are many issues that deal directly with supply chain management. The authors of Managerial Accounting for Managers define supply chain management as, “A management approach that coordinates business processes across companies to better serve end consumers,” (Noreen, Brewer and Garrison, 2011, p. 25). More and more consumers are increasingly trending toward a mass of buyers that crave instant gratification, whether it through technology, delivery or service. Common issues in supply chain management involve stock availability, inventory purchasing and order to delivery timeframe. Other concerns focus on the next generation of business, which involve cost effective and green supply chain, outsourcing, new technology, consumer behavior and most importantly emerging economies. With different views and theories on supply chain management it has become an increasingly important role for businesses in order to deal with these major problems that have arisen in the past few decades. Supply Chain Management Jobs Along with all of these progressively escalating concerns comes the increase for demand in the supply chain management career field. In a recent survey conducted by Supply Management, the information found backed the...
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...Development Corporation (SMIDEC) SMEs account for close to 99 % of all the establishments in the manufacturing, services and agricultural sector, provide around 65% of total employment and it is expected that the value added production of SMEs to be around RM120 billion or 50 % of total production in the manufacturing sector by 2020. Malaysian SME contribution to the GDP was only 32 percent in 2006 compared to that of 40 percent in the United States, 57 percent in Germany, 55 percent in Japan, 60 percent in China, 57 percent in Indonesia and Thailand at 38.9 percent. Innovation and the capacity to innovate are among the most important factors that affect an organizations competitiveness and performance SMEs due their small size, limited managerial capabilities, as well as limited resources do face a challenging task in innovating. SMEs as compared to larger firms are weakly structured in innovation, low market power and scarcity of resources in order to appropriate the benefit of their innovation. In nature, SMEs do not require a statutory audit may still want some degree of independent assurance to increase the credibility of their statements, in which case a review can be an ideal solution. Additionally, since the work effort involved in performing a review engagement is generally less than that in conducting an audit, a review should be a more cost-effective option. Last but not least,...
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...Literature review The essence of financial management is the creation of shareholder value. According to Ehrhard and Bringham (2003), the value of a business based on the going concern expectation is the present value of all the expected future cash flows to be generated by the assets, discounted at the company’s weighted average cost of capital (WACC). From this it can be seen that the WACC has a direct impact on the value of a business. (Johannes and Dhanraj, 2007). The choice between debt and equity aims to find the right capital structure that will maximize stockholder wealth. Debt policy and equity ownership structure “matter” and the way in which they matter differs between firms with many and firms with few positive net present value project (McConnel and Servaes, 1995). Leland and Pyle (1977) propose that managers will take debt equity ratio as a signal, by the fact that high leverage implies higher bankruptcy risk (and costs) for low quality firms. Since managers always have information advantage over the outsiders, the debt structure may be considered as a signal to the market. Ross’s (1977) model suggests that the values of firms will rise with leverage, since increasing the market’s perception of value. Under some conditions capital structure does not affect the value of the firm. Splitting a fund into some mix of shares relating to debt, dividend and capital directly adds value to the company (Gemmille, 2001).Firms has increased their level of debt relative to...
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...In the early stage, costing system was viewed as a method of accounting that used various techniques to assign costs to particular cost objectives, e.g. the cost to perform an activity, produce a product or render a service. W.B. Lawrence stressed the importance of accountants becoming familiar with cost accounting in his 1930 text because even then, “the modern factory occupies more space and employs many more workers than did the factory of a generation ago”. In 1940, John Blocker recommended in his text additional uses for cost accounting in other industries, such as construction, mining, utilities and nonprofit organizations. He believed that all of these businesses needed to consider that the costing in different departments within a company could be controlled through cost accounting. Even in the 1960’s accountants and system designers developed cost accounting to do more than measure performance. Cost accounting was an integral part of planning and control in businesses. After that, the concept of activity-based costing (ABC) was introduced in the US, initially in the manufacturing sector during 1970s and 1980s. Robert Cooper and Robert Kaplan brought the ABC concept to light and published the body of knowledge in the Harvard Business Review in 1988. Cooper and Kaplan defined ABC method as an approach to solve the problems of traditional cost management systems; that is, the conventional cost accounting systems are often unable to identify correctly the true costs...
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