...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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...version essay Financial And Business Accounting Financial And Business Accounting Print version essay is available for you! You can search Free Term Papers and College Essay Examples written by students!. Join Essays24.comand get instant access to Financial And Business Accounting and over 30,000 other Papers and Essays Category: Business Autor: anton 01 December 2010 Words: 1039 | Pages: 5 Financial accounting is defined as measuring and recording business transactions and providing financial statements that are based on generally accepted accounting principles. It focuses on external reporting. The purpose of financial accounting it to aid accounts in their function of overseeing an organizations financial assets. The central outputs of financial accounting are audited financial statements such as balance sheets and income statements. Financial accounting is geared toward providing information to parties outside the firm, for example prospective shareholders. By contrast, managerial account which measures and reports financial and non-financial information tat helps managers make decisions to abide by the goals of an organization. It focuses on internal reporting. The tools used by managerial accountants to meet their goal of decision support are such things as budgets, activity-based costing and financial planning. Managerial account is designed for internal use by firm’s managers. Cost accounting is a subset of the more inclusive area of managerial accounting...
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...Swan’s Supplies is a wholesaler of sporting goods equipment for retailers in a local metropolitan area. The company buys sporting goods equipment direct from manufacturers and then resells them to individual retail stores in the regional area. The raw data in Figure illustrate some of the information required for the company’s purchase order system. As you can see, this information is characteristic of accounting purchase order systems but is not well organized. In fact, because of the repeating groups in the right-most columns, it cannot even be stored in a computer system. [pic] .:. Requirements Store this data in a spreadsheet to make it easy to manipulate. Then perform each of the following tasks in turn: 1. Reorganize the data in first normal form and print your spreadsheet. Why is your data in first normal form? 2. Reorganize the data from part 1 into second normal form and print your spreadsheet. Why is your data in second normal form? 3. Reorganize the data from part 2 into third normal form and print your spreadsheet. Why is your data in third normal form? SOLUTION: The raw data is as follows: | | | | |Purchase | | | | | | | |Customer | |Phone | |...
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...Management Accounting Essay Critique Managerial Empire Building, Corporate Governance, and the Asymmetrical Behavior of Selling, General, and Administrative Costs 1 Management Accounting Essay Critique Main aim of essay critique is to evaluate the results of the research paper The main aim of this essay critique is to evaluate some of the results between corporate governance and the asymmetrical behavior of cost, namely selling, general and administrative (SG&A). It will also discuss pertinent points concerning corporate governance and the limitations of this study. There are a few important findings in this paper The purpose of this research paper is to examine whether managerial incentive is an additional explanation from the SG&A cost asymmetry and whether corporate governance plays an important role in mitigating this asymmetry. A secondary objective would be to examine whether the SG&A asymmetry manifests itself as either cost stickiness or cost speediness and whether corporate governance mitigates cost asymmetry through reducing cost stickiness, cost speediness or both. The results are as follow: 1) It was able to provide substantial evidence to explain the SG&A cost asymmetry phenomenon from the agency theory perspective (managerial incentive). 2) Besides that, it yielded a negative relationship between corporate governance and SG&A cost asymmetry. 3) For its secondary objective, the paper substantiated its concept of “cost speediness”, which provides an...
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...Unit 1 IP By Amber Brooker June 14, 2013 ACCT310 Abstract In this essay I am a manager in an accounting department and would like to hire another managerial accountant. The CEO is not convinced, so I must convince him. Manager Report Accounting has two different purposes: the first is reporting for external users and other is for internal users like management. Because of this, accounting can be put into two different categories: financial accounting and managerial accounting. Financial Accounting gives us a view of the financial position of the company. It is management’s responsibility to keep the accounting records in a way that gives us the correct view of the company; it must be free from any material misstatement, which may distort the reader. In order for it to be conveyed properly, management has to follow certain rules and regulation such as GAAP, IAS, etc. Managerial accounting helps with the planning & control, as well as the decision making activities of the company. The success of the business depends on the planning and the correct decision making in keeping the facts and figures related to the situation, this is what the managerial accounting does. So, Financial Accounting is used for external reporting purpose and the managerial accounting is used for internal reporting purpose. Financial Accounting emphasizes on the financial aspect and the Managerial Accounting is the planning and decision making aspect. Most of the time, reports are created...
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...Abstract This essay is written to inform of the difference in financial accounting and managerial accounting. What is account first and foremost accounting is an information system that reports on the economic activities and financial condition of a business or other organization. Financial accounting and managerial accounting plays different roles in society. This essay is also written to inform the readers of the financial statements used in accounting and what impact each statement has on the accounting process. Accounting provides information that helps answer such questions, by taking a look at what it would cost, and how the costs are relevant to the survival of a business. Accounting is an information system that reports on the economic activities and financial conditions of a business or other organization. Do not underestimate the importance of accounting information. Communicating economic information is so important that accounting is frequently called the language of business. (Edmonds, 2012) Here are some questions about the role of accounting in Society according to Edmonds, Olds, McNair, and Tsay (2009). How should society allocate its resources? Should we spend more to harvest food or cure disease? Should we build computers or cars? Should we invest money in IBM or General Motors? Accounting provides information that helps answer such questions, by taking a look at what it would cost, and how the costs are relevant to whether a business survive or not. (Edmonds...
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...1.0 ABSTRACT Managerial Accounting is tools for business decision making. The use of management accounting information is a key for organizational success. This essay will explain on the importance of managerial accounting process in organization to successfully carrying out the day to day as well as long term activities and goals. First, it describes how the evolution and change in managerial accounting. Second, the essay looks at the role of managerial accountants. Third, it explains several function of managerial accounting that tend to contribute the adds value to organization. 2.0 INTRODUCTION According to the Chartered Institute of Management Accountants ( CIMA ), Management Accounting is defined as the process of identification, measurement, accumulation, analysis, preparation, interpretation and communication of information for both financial and operating used by management to plan, evaluate and control within an organization and to assure use of and accountability for its resources. The Institute of Management Accountants ( IMA ) defined Management Accounting is a profession that involves partnering in management decision making, devising planning and performance management system and providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization’s strategy. Managerial accounting applies to all types of business such as service, merchandise and manufacturing. It also applies to all forms...
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...Evolution of Management Accounting: Contemporary Significance and Retrospection Abstract: The management accounting aim in future forecasting, planning and making decisions for the firm. It is also good at cost managing (cost accounting), improving production and management controlling, for example, the Balance Scorecard and Management Control System. What is evolution? The synonym of evolution is development which means the experiences of its past to present, also means history. Thus, it will introduce the management accounting's history of U.S and China so that we could clarify why China lag behind. Moreover, it would move forward to describe the circumstance today to emphasize the new missions of management accounting. Of course, it would make suggestions for China based on the present and past. Finally, expect the future outlook of management accounting Generally speaking, besides telling readers the main factors of influencing management accounting in China, it aim to encourage and remind readers as well as schoolmates to study the management accounting and notice the significance and potentials of management accounting. Key words: Management Accounting, Cost Accounting, Evolution of Management Accounting, Balance Scorecard, Management Control System. Contents INTRODUCTION 6 1. LITERATURE REVIEW 8 1.1 THE INFLUENCING FACTORS OF MANAGEMENT ACCOUNTING 9 1.1.1 Business size, Organizational Structure and Technology 9 1.1.2 Strategy 10 ...
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...Management Accounting & Control (ACCFIN5036) Coursework: Academic Essay Length and submission: This is a 2500-word (excluding references) academic essay, which must be submitted on 23rd November 2015 at 12noon. Aim: The aim of this assignment is to test your management accounting and control knowledge in relation to its social and organizational perspectives where you see management accounting not only as a set of technical tools such as performance measurement indicators or costing techniques and methods, but also as social and institutional practice by which technical tools are promoted, legitimised, used or even misused. Question: Bearing in mind this broader perspective, consider a recent management accounting change programme such as Activity-Based Costing or Balanced Scorecard: its origin, development, diffusion and managerial effects. Explore why and how this programme has come about as a global programme and evaluate whether it solves the problems it expected to solve or whether it produces some unintended consequences. Materials to be used: Use relevant journal articles, which you must refer to. Follow standard academic referencing practices when citing them. Use your own intuition to answer the question above rather than merely reproducing the reading materials. When you directly quote from your readings, you must acknowledge by properly citing references. You must be aware of university’s plagiarism policy in this regard. Marking...
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...Reflective Essay Name Institution Date Having bestowed with the responsibility of Accountancy managerial in Southwest airlines, I was tasked with overlooking after all accounting operations in the organization. As an astute manager, I had to observe the contributions of the non–managerial employees as an important contribution that can facilitate the success of the organization. Thus, I took the necessary steps and measures to recognize and consider the efforts of all employees in the organization. This is one of the philosophies that drove me as an accountancy manager in the Southwest Airlines. My philosophy of management was partly derived from the Bolman and Deal philosophy where Harris had quoted a question on how much a manager shows the concern and sensitivity to people. He argues that the amount of consideration and sensitivity that he can show to his/her employees are directly proportional to the few grievances, less absenteeism and lower turnover in the organization ( Bolman & Deal, 2008). Organizational conflicts in the organization are inevitable and as a manager, I would address the competing interest to mitigate the destructiveness caused by the conflicts in the organization. In my managerial style, I try to build attentiveness in building and developing ties with both friend s and allies in order to ease conflict resolutions whenever it arises ( Bolman & Deal, 2008). The flow of communication is what I have given due attention as a manager. Not only...
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...and interpretation of management and cost information and related data by managers under various organizational systems. This information is used for planning and control, decision-making, performance evaluation, and reporting purposes. The course also examines the impact of quantitative information on motivation and organizational communication. This class presupposes some basic knowledge of financial reporting, economics and organizational behavior. Management accounting is a dynamic field and reflects many of the changes seen in business today. We will often use product-based companies to initially discuss a topic, and then expand our discussions to the service and not-for-profit sectors. Financial accounting is externally oriented and governed by fundamental concepts of generally accepted accounting principles (GAAP). In contrast, managerial accounting is internally oriented. Managerial accounting is very context driven. Management accounting is more intuitively understandable than financial accounting. However, the material cannot be learned by ‘thinking’. You must work through the mini-cases, cases and problems, which are assigned for each class. The concepts and techniques must be used to see how they are developed and applied. Discussion in each class assumes you understand the material covered in prior sessions. Therefore, you must not allow yourself to fall behind. If you are not keeping up with the assignments, this was reflected in class discussion...
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...an introductory and general survey business to acquaint students with the importance of business as a field of study. It involves general outlines of various aspects of business including management, marketing, finance, accounting, business law, human resources management and information systems. Topics to be covered include understanding of business environment, entrepreneurship, global aspects, managing operations, functions of management, basic principles of marketing, managing information, principles of accounting, money and banking and business law. This course will prepare students to take higher level courses in these various related fields. COURSE OBJECTIVES --- To prepare students with basic tools and knowledge required to understand business growth and development with respect to SMEs, entrepreneurship, supply chains and disruptive innovation --- To set the foundations for development of knowledge and information necessary for the success of business ventures. --- To relate the various processes of accounting, finance, marketing, management, information systems and business law to the total system and to understand the coordination of these activities to the total business concept. --- To provide the fundamentals of business and managerial leadership skills with emphasis on understanding the requirements of businesses in the twenty-first century. Learning Outcomes At the end of the course the student should be able to --- Give a good account of some of...
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...Functions module. Managers operate within increasingly complex and changing organisational and contextual circumstances, whether in the market, public or ‘third’ sectors and irrespective of the size of their organisations or the types of goods or services these enterprises produce for their customers or clients. This introductory module provides learners with an understanding of the principal internal and external environmental contexts of contemporary organisations, including the managerial and business context, within which businesses operate. These areas will be explored in more depth in other modules. The primary purpose of this module is to introduce learners to these concepts. This module also introduces learners to a number of business structures, cultures and the political, social, economic, technological, legal and ethical considerations affecting business. The module explores the question ‘What is a business?’ It investigates business functions including human resource management, accounting and finance, operations and marketing and considers the linkages between them and the challenges experienced in managing across functional boundaries. This module seeks to provide an integrated and critical understanding of businesses and their core business functions including internal and external factors which impact on them. After studying this Integration of Business Functions module you should be able to: • Demonstrate a critical understanding of the key tools...
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...Help Writing Your Essay on Management You’re really talking about a test of your academic writing endurance and reading endurance here. Management, accounting, and mathematics are the trifecta of yawn worthy subjects to do an essay on, but someone has to write them eventually. If you’re reading this, you’re that person. The only starting suggestions that can be offered are stick to facts and start early on this. You have a long, long, road ahead for this essay. Normally writing an essay is as boring or painful as you make it, but you’ve found the exception to the rule here. Let’s get to those management topics. Starting Topics for Your Essay There are several types of management essays you can do: an operations management essay, project management essay, a business management essay, and so on. Management Essay Topics: The nature of managerial work Basic functions and roles Marketing in the public and private sectors (can be separate topics) Management skills Implementation of policies and strategies within a business policy Policies and strategies in the planning process Middle-level management Upper management First / lower management Organizational structure of a business Other essays you could focus on are a human resources management essay and supply chain management essay. This doesn’t have to be kept to a business nature, though. You’re also open to a stress management essay and a time management essay. Overall there isn’t much there as far as...
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...HUM 112 WEEK 4 ASSIGNMENT 1 – ESSAY http://www.coursehomework.com/product/hum-112-week-4-assignment-1-essay/ Contact us at: +1 315-750-4434 help@coursehomework.com HUM 112 WEEK 4 ASSIGNMENT 1 - ESSAY Choose one (1) of the three reading selections from the list of topic choices below. Read the selection in the textbook. Write a three to four (3-4) paragraph essay (250 words) which analyzes the “surprise ending” of the reading selection. Topic Choices: 1. Reading selection from Descartes’ Discourse on the Method (Part IV). Descartes begins with the problem of being able to prove his own existence but ends up with an argument proving the existence of God. Read more about the Discourse on the Method located at http://www.earlymoderntexts.com/authors/descartes.html. 2. Reading selection from Swift’s A Modest Proposal. Swift begins with offering the solution that the English could do things which might solve the problem of overpopulation and the mistreatment of citizens in Ireland. It ends by offering the solution that an internal change in the Irish government would best solve the problem of overpopulation and a populace victimized by its own government. Read more about A Modest Proposal located at http://www.victorianweb.org/previctorian/swift/modest.html. 3. Two reading selections from Voltaire’s Candide. The story begins by acknowledging the foolishness of the superstitious traditions held by the people in the city of Lisbon but ends by ...
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