Why are many companies divided into departments?
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Why are many companies divided into departments?
In responsibility accounting, why are reports to higher-level managers usually less detailed?
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- 1. What are interesting facts/ fun facts about management accounting practices? 2. Explain one example management accounting dishonest practices that talked a around the whole?1.) Discuss the difference between managerial accounting and financial accounting and their impact to Information Technology industry. 2.) You are the CEO of your own IT Company. Based on the cost concepts that we have discussed, identify at least three (3) costs being used and provide possible solutions how to control these costs. 3.) Being in an IT Field, you know the importance of optimizing your processes to see growth through efficiency. How can financial statement analysis contribute? 4.) Accounting is the language of business. Using this context, discuss the importance of financial statement to businesses.Question 2 Some individuals argue that accountants should focus on producing financial statements and leave the design and production of managerial reports to information systems specialists. What are the advantages and disadvantages of following this advice? To what extent should accountants be involved in producing reports that include more than just financial measures of performance? Why?
- 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.Do you think most organizations use one or both managerial and financial accounting? Why?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?
- Identify the major problems in this situation and explain how they impact the organization. You will need to consider both behavioral and analytical factors. Specifically, how might managerial accounting concepts, tools, or techniques be applied to help resolve this dilemma? What are possible consequences of applying the same to this dilemma? Briefly explain Orange Electronics has been experiencing declining profit margins and has been looking for ways to increase operating income. It cannot raise selling prices for fear of losing business to its competitors. It must either cut costs or improve productivity. The company uses a standard cost system to evaluate the performance of the soldering department. It investigates all unfavorable variances at the end of the month. The soldering department rarely completes the operations in less time than the standard allows (which would result in a favorable variance). In most months, the variance is zero or slightly unfavorable. Reasoning that…Please list at least 5 major differences between Managerial and Financial Accounting. Include in your discussion who the important players are in each, who is using the information, and what type of information is everyone focused on. Please explain why each type of accounting (managerial and financial) plays an important role in the organization.1.What are the impact of issues in management accounting practices on the company and stakeholder? 2. Elaborate some suggestions to avoid the recurrence of the issues in management accounting practices.
- Companies are automating many accounting tasks. Is automation good or bad? Consider this question from the view of accounting students, accounting practitioners, other business professionals, and society as a whole. What should be done to achieve the good aspects of automating accounting tasks while minimizing the poor aspects?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 ?Statement 1: In recent times, most organizations are adopting a structure where managerial accountants are grouped away in segregated management accounting department to establish independence from their business counterparts.Statement 2: When compared to financial accountants, managerial accountants often prepare reports that are concerned about different segments of the organization rather than the organization as a whole. a. Both statements are true. b. Only Statement 1 is true. c. Only Statement 2 is true. d. Both statements are false.