Financial Accounting
5th Edition
ISBN: 9781618531650
Author: Thomas Dyckman
Publisher: Cambridge Business Publishers
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Question
Chapter 1, Problem 1Q
To determine
Identify the three major business activities of company and explain each activity.
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Listed below are the three functions of the management of an organization.1. Planning 2. Directing 3. ControllingIdentify which of the following statements best describes each of the above functions.
(a)
ControllingDirectingPlanning
requires management to look ahead and to establish objectives. A key objective of management is to add value to the business.
(b)
ControllingDirectingPlanning
involves coordinating the diverse activities and human resources of a company to produce a smooth-running operation. This function relates to the implementation of planned objectives.
(c)
ControllingDirectingPlanning
is the process of keeping the activities on track. Management determines whether goals are being met and what changes are necessary when there are deviations.
Based on your understanding, compare and contrast the three major forms of business organization which are financing, investing, and operating department. Also, relate the scope of the role of a financial manager within these business organization.
According to the COSO ERM framework, which of following best describes the difference between strategy and business objectives?
A.
Strategy is the plan to achieve business objectives.
B.
Business objectives are the steps to achieve strategy.
C.
Strategy is the organization’s core purpose, and business objectives are what the organization aspires to achieve over time.
D.
Business objectives are broader in scope than strategy.
Chapter 1 Solutions
Financial Accounting
Ch. 1 - Prob. 1MCCh. 1 - Prob. 2MCCh. 1 - Prob. 3MCCh. 1 - Prob. 4MCCh. 1 - Prob. 5MCCh. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - Prob. 4QCh. 1 - Prob. 5Q
Ch. 1 - Prob. 6QCh. 1 - Prob. 7QCh. 1 - Prob. 8QCh. 1 - Prob. 9QCh. 1 - Prob. 10QCh. 1 - Prob. 11QCh. 1 - Prob. 12QCh. 1 - Prob. 13QCh. 1 - Prob. 14QCh. 1 - Prob. 15QCh. 1 - Prob. 16QCh. 1 - Prob. 17QCh. 1 - Prob. 18QCh. 1 - Prob. 19MECh. 1 - Prob. 20MECh. 1 - Prob. 21MECh. 1 - Prob. 22MECh. 1 - Prob. 24MECh. 1 - Prob. 25MECh. 1 - Prob. 26MECh. 1 - Prob. 27ECh. 1 - Prob. 28ECh. 1 - Prob. 29ECh. 1 - Prob. 30ECh. 1 - Prob. 31ECh. 1 - Prob. 32ECh. 1 - Prob. 33ECh. 1 - Prob. 34ECh. 1 - Prob. 35ECh. 1 - Prob. 36PCh. 1 - Prob. 37PCh. 1 - Prob. 38PCh. 1 - Prob. 39PCh. 1 - Prob. 40PCh. 1 - Prob. 41PCh. 1 - Prob. 42PCh. 1 - Prob. 43PCh. 1 - Prob. 44PCh. 1 - Prob. 45PCh. 1 - Prob. 46CPCh. 1 - Prob. 47CPCh. 1 - Prob. 48CPCh. 1 - Prob. 49CPCh. 1 - Prob. 50CP
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Similar questions
- Define segments and describe how identifying segments within a business might help manage the business.arrow_forwardWhich of the following is nor a common goal of an organization? A. operational efficiency B. being acquired by another business C. achieving strategic goals D. measuring financial performancearrow_forwardWhich of the following terms means knowing how a business is run and how it is influenced by external forces, and knowing and understanding the overall industry? A. commercial awareness B. conceptualization C. collaboration D. imaginationarrow_forward
- Organizational charts _____. A. list the salaries of all employees B. outline the strategic goals of the organization C. show the structure of an organization D. help management measure financial performancearrow_forwardWhich of the following groups would have access to managerial accounting information? A. bankers B. investors C. competitors of the business D. managersarrow_forwardThe managers of an organization are responsible for performing several broad functions. They are ____________________________. planning, controlling, and selling directing, controlling, and evaluating planning, evaluating, and manufacturing planning, controlling, and evaluatingarrow_forward
- An important goal of a responsibility accounting framework is to help ensure which of the following? A. decision-making is made by the top executives. B. investments made by each segment are minimized. C. identification of operating segments that should be closed. D. segment and company financial goals are congruent.arrow_forwardHow should a company determine operating segments when it organizes business activities in more than one way and the chief operating decision maker uses multiple sets of reports?arrow_forward
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