Many students who study managerial accounting will work for small ad medium-sized businesses, and some may own small and medium-sized businesses. To operate a small and medium-sized business, you need an understanding of managerial accounting, among other skills. a) How could understanding managerial accounting help you as a small and medium-sized business owner of one of the competing firms? b) Using the Management Accounting , discuss how these two competing small and medium-sized firms can apply management accounting knowledge to position themselves strategically in the market.

Many students who study managerial accounting will work for small ad medium-sized businesses, and some may own small and medium-sized businesses. To operate a small and medium-sized business, you need an understanding of managerial accounting, among other skills. a) How could understanding managerial accounting help you as a small and medium-sized business owner of one of the competing firms? b) Using the Management Accounting , discuss how these two competing small and medium-sized firms can apply management accounting knowledge to position themselves strategically in the market.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 1TP: In a team of two or three students, interview the manager/owner of a local business. In this...

See similar textbooks

Similar questions

Which of the following groups would have access to managerial accounting information? A. bankers B. investors C. competitors of the business D. managers
Assume you have been hired by Hilton Hotels and Resorts. As part of your new role in the accounting department, you have been tasked to set up a responsibility accounting structure for the company. As your first task, your supervisor has asked you to give an example of a cost center, profit center, and an investment center within the Hilton organization. Your supervisor is a little unsure of the difference between a profit center and investment center and would like you to explain the difference.
Taylor Speedy has prepared the following list of statements about managerial accounting, financial accounting, and the functions of management. Identify each statement as true or false. Financial accounting centers on providing information to internal users. Staff positions are directly involved in the companys primary revenue-generating activities. Preparation of budgets is part of financial accounting. Managerial accounting applies only to merchandising and manufacturing companies. Both managerial accounting and financial accounting deal with many of the same economic events.
In a team of two or three students, interview the manager/owner of a local business. In this interview, ask the manager/owner the following questions: A. Does the business collect and use cost information to make decisions? B. Does it have a specialist in cost estimation who works with this cost data? If not, who is responsible for the collection of cost information? Be as specific as possible. C. What type of cost information does the business collect and how is each type of information used? D. How important does the owner/manager believe cost information is to the success of the business? Then, write a report to the instructor summarizing the results of the interview. Content of the memo must include date of the interview, the name and title of the person interviewed, name and location of the business, type of business (service, merchandising, manufacturing) and brief description of the goods/services provided by the business, and responses to questions A-D.
Why do you think it’s so important for businesses to also put an emphasis on managerial accounting? What benefits do you think are gained when using managerial accounting?
please answer both questions What are ways in which the profession and tools of managerial accounting help organizations function well and make better decisions ? How can it be helpful to non-financial managers and employees to know more about managerial accounting ?
As a managerial accountant, you would have the opportunity to work for company that classifies itself as either service, merchandising, or manufacturing.Based on what you have learned from this unit, and based on your personal preferences, identify which type of company for which you would prefer to work as a managerial accountant. Be sure to provide specific reasoning to support your answer.
Many companies have a staff of full-time managerial accountants. Other companies prefer to outsource their managerial accountants. What are some of the advantages of having a full-time staff of managerial accountants? What are some of the disadvantages?
Please describe a managerial accounting concept or topic you learned in this course. Identify the concept/topic and explain how it pertains to managerial accounting and how the concept/topic is beneficial for business owners or how it helps contribute to success.
Because managerial accounting is much less rules based than financial accounting, there is plenty of room to bring in learning from a wide range of other fields in order to improve business performance. Provide an overview of at least four examples of how learning from other fields can be brought it to enhance effectiveness.
What does the following statement by a managerial accountant at Caterpillar imply about where in the organization the managerial accountants are located? “[We] are a partner with all of the other functions in the businesshere.”
Now, consider emerging trends in business today. How should the discipline of managerial accounting evolve to meet the changing needs of organizations? Be specific. Suggest specific accounting information needs that you feel managers have in the current business environment.