Cost Accounting-Chapter 1 Essay

911 WordsSep 16, 20144 Pages
Cost Accounting - Chapter 1 1. Flexibility is said to be the hallmark of modern management accounting, whereas standardization and consistency describe financial accounting. Explain why the focus of those two accounting systems differs. Financial accounting is more about the bigger picture—it evaluates the finances of the organization as a whole, using historical, quantitative, monetary, and factual data. It is more formal and requires the use of GAAP. The information financial accounting provides is more suitable for external users such as investors, creditors, and the SEC. Meanwhile, the information obtained from managerial accounting is more for internal users such as managers and employees. This type of accounting is focused on…show more content…
A core competency is what an organization seeks to have, excelling at something that no other organization can do as well and gaining the ultimate competitive advantage over the other organizations. If the organization does not possess a certain core competency that is needed for one of their strategies, then it would be difficult if not impossible for the organization to execute the strategy. Whatever plans an organization has, it should make sure that they have the appropriate set of core competencies in order to successfully carry out those plans. Otherwise, they would have to come up with a different strategy. 9. How does workplace diversity affect organizational culture? Include in your answer a discussion of both the potential benefits and the potential difficulties of hiring workers with diverse backgrounds. Having workers with diverse backgrounds may result in dealing with communication issues, varying work ethics, having to accommodate the practices of different belief (e.g., holidays, times of prayers, special dietary restrictions, dress codes), changes in the trend of tardiness and absenteeism. The more diverse a workplace becomes, the more it needs to change the work culture in order to represent that diversity. Having diversity in the workplace can be positive since it may lead to less prejudices, a better ability to cover the work schedules since not everyone celebrates the same holidays, and
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