Strategy correct answers - An accepted definition does not exist
- General direction to achieve goals and objectives derived from the organization's
... [Show More] mission (purpose) and vision ( how it wants to be perceived by the outside world)
Planning correct answers - Selecting a course of action.
- Must balance opportunities against resources
- Requires input from analysis such as a budget
Implementation correct answers - Carrying out day to day activities
- Making short term and long term decisions
- Managerial tools such as cost analysis and cost-volume-profit can be used
Control correct answers - Obtaining feedback to ensure the organization is moving toward the goals
- likely involves a performance report that compares actuals to budgeted
Managerial Accounting and Financial Accounting correct answers - Managerial accounting provides information for managers of an organization who direct and control its operations.
- Financial accounting provides information to shareholders, creditors, and others who are outside the organization.
Aspects of Managerial Accounting correct answers - For Managers
- Emphasis on the Future
- Emphasis on Relevant Data (less on verifiability)
- Emphasis on timeliness (less on precision)
- Focus segments rather that the whole organization
- No prescribed standards
- Not mandatory
Reasons for an increase in relevance and importance of managerial accounting information: correct answers - Expanded competitive boundaries - Globalization
- Organizations need to find new ways of doing business
- Ethical responsibility and corporate governance
Lean business model correct answers Practice of eliminating waste while meeting customer needs and yielding positive company returns.
lean business model practices correct answers - Just-In-Time
- Total Quality Management
- Process Re-engineering
- Theory of Constraints
Just-in-Time correct answers A logistics process in which goods arrive when needed for production, use, or sale rather than sitting in storage. [Show Less]