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Abc vs Traditional Method

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Text Preview College of
Management

Applied Managerial Accounting
Summer 2013
SCM610

Instructor: Dr.Damron, Sandra

ASSIGNMENT # 1

By : Ahmed Hassan Zahmuwl

Chapter 1:  3, 6, 7, 18, 24, 26

1-3 List and define the four basic management activities?
Planning

Planning is the ongoing process of developing the business' mission and objectives and determining how they will be accomplished. Planning includes both the broadest view of the organization (its mission), and the narrowest (a specific tactic for achieving a specific objective).

Organizing

Organizing is the process of converting plans into action. Organizing can include creating a list of duties, developing deadlines and timetables for work, assigning tasks, determining and assembling the necessary resources and carrying out the plan. It is the organizing function that most people think about when they think of management. The organizing function is also where the process of supervising others and assigning authority occurs

Leading

Leading is the act of directing the behavior of all personnel to accomplish the organization's mission and goals. In order for the goals to be achieved, a shared vision and a clear understanding of everyone's role in the process must be developed. The leading function allows the person or persons in charge of the organization's mission or individual goals and objectives to inspire all personnel involved in the task to work together for the best result. We will talk more about leadership later in this module.

Controlling

Controlling is an aspect of management that is frequently underestimated. Like planning, it is a continual process; like organizing, it involves translation (although this time, from actions into evaluations) and like leading, it involves diplomacy. Controlling is the function of monitoring work to check progress against goals, and taking corrective action when required.

1-6 List and describe four important differences between managerial and financial accountant?
Financial accounting reports are prepared for the use of external parties such as shareholders and creditors, whereas managerial accounting reports are prepared for managers inside the organization. Aggregation. Financial accounting reports on the results of an entire business. Managerial accounting almost always reports at a more detailed level, such as profits by product, product line, customer, and geographic region. Efficiency. Financial accounting reports on the profitability (and therefore the efficiency) of a business, whereas managerial accounting reports on specifically what is causing problems and how to fix them. Proven information. Financial accounting requires that records be kept with considerable precision, which is needed to prove that the financial statements are correct. Managerial accounting frequently deals with estimates, rather than proven and verifiable facts. Reporting focus. Financial accounting is oriented toward the creation of financial statements, which are distributed both within and outside of a company. Managerial accounting is more concerned with operational reports, which are only distributed within a company.

1-7 Distinguish between cost accounting and managerial accounting? Cost accounting is an input into management accounting. Cost accounting focuses on understanding and optimizing costs in a complex business environment. Management accounting focuses on the bigger picture of using data to make planning and strategy decisions for the company. Cost Accounting Cost accounting tracks and analyzes costs, including material, labor, overhead and time, for every activity performed in producing and delivering goods and services. This information can be used to improve efficiencies and reduce overall cost. Management Accounting Management accounting uses input from finance, operations, suppliers, customers and competitors to drive internal decision-making and planning.

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