managerial accounting Essay

946 Words May 16th, 2014 4 Pages
Managerial Accounting
Chapter # 01
Homework 1

01) How does managerial accounting differ from financial accounting?
A: Managerial accounting is concerned with providing information to managers for use inside the organization. Financial accounting is con¬cerned with providing information to stockhold¬ers, creditors, and others outside of the organi¬zation.

02) Pick any major television network and describe some planning and control activities that its managers would engage in.
A: Five examples of planning activities include:
1. Estimating the advertising revenues for a future period.
2. Estimating the total expenses for a future period, including the salaries fo all actors, news reporters and sportscasters.
3. Planning how
…show more content…
These various purposes often conflict with one another, which makes budgeting one of management’s most challenging activities.

05) Why is managerial accounting relevant to business major and their future careers?
A: Managerial accounting is relevant to all business students because all managers engage in planning, controlling, and decision making activities. If managers wish to influence co-wokers across the organization, the must be able to speak in financial terms to justify their proposed courses of action.
06) Why is managerial accounting relevant to accounting major at the futures careers?
A: The institute of Managerial Accountants estimates that 80% of accountants work in non-public accounting environments. Accountants that work in corporate, non-profit, and governmental organizations are expected to use their planning, controlling and decision making skills to help improve performance.

07) Pick any large company and describe its strategy using the framework in the chapter.
A: competes in terms of operational excellence. The company focuses on delivering products faster, more conveniently and at a lower price than competitors. Its using the planning, controlling and make decision making.

08) Why do management accountants need to understand the company’s strategy?
A: Planning, controlling and decision making must be performed within the context of company’s strategy.

09) Pick any large company

More about managerial accounting Essay

Open Document