Preview

management accounting

Powerful Essays
Open Document
Open Document
1486 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
management accounting
Question 1
Can an organisation survive without strategy? Why? Why not?
It’s absolutely important for a company to survive with strategy as whether we are considering a sole trader or a multinational company. An organisation that doesn't know where it is going can never expect to reach its mission. When we look at planning stage, we have to decide what to do and what not to do. As we already discussed in class like which industries you want to participate in; what kind of products and services you want to offer; how to allocate scarce resource and add value, all those kind of issues should be considered in planning stage and adjust its flexibility in order to realising that strategic intent.
Question 2
What are the principal reasons for strategic management and thinking?
Strategic management plays an important role as it helps in setting detailed goals, analysing all our internal and external resources, analysing our external environment, as well as stakeholder views. If a company want to survival of the fittest, then they should overcome its uncertainties in the external and internal environments and achieve expected levels of performance is a real challenge. Strategic thinking focuses on finding and developing unique opportunities to create value, Good strategic thinking uncovers potential opportunities for creating value and challenges assumptions about an organisation’s value proposition, so that when the strategic plan is created, it targets these opportunities.
Question 3
How do strategic concepts apply to not for profit organisations and non government organisations?
A non-profit organization has a mission statement that defines its reason for being--whom it intends to serve and what good it seeks to accomplish for society. Non-profit organizations also want to increase their cash flow to survival, but their overall goal is to increase the number of people they serve as well as provide good quality services. Non-profit strategies must give the

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Managerial Accounting

    • 628 Words
    • 3 Pages

    Warren Company makes candy. During the most recent accounting period, Warren paid $3,000 for raw materials, $4,000 for labor, and $2,000 for overhead costs that were incurred to make candy. Warren started and completed 10,000 units of candy, of which 7,000 were sold. Based on this information, Warren would recognize which of the following amounts of expense on the income statement?…

    • 628 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Managerial Accounting

    • 779 Words
    • 3 Pages

    Activity-based costing involves two allocation stages and includes a multitude of cost drivers. The first stage known as ABC assigns costs to pools; which signify the activities of the costs to be incurred. During the second stage the cost pools are allocated to products or cost objects by utilizing cost drivers that measure the object’s use of that activity.…

    • 779 Words
    • 3 Pages
    Good Essays
  • Best Essays

    MHA 612 FINAL PAPER

    • 3334 Words
    • 10 Pages

    Strategic planning is describes the strategic management as the art of making complex, long-term, future-oriented decisions and taking actions that result in the formulation and implementation of plans designed to achieve a company’s objectives. The process focuses on the belief that a firm’s mission can be best achieved through a systematic and comprehensive assessment of both its internal capabilities and its external environment. Strategic management process is the implementation of the company’s strategy by executive management considering its resources, circumstances, and environment to position the organization to complete is mission in a cost-effective, efficient manner. The corporate goals, policies, and tactics are incorporated into this process.…

    • 3334 Words
    • 10 Pages
    Best Essays
  • Satisfactory Essays

    Managerial Accounting

    • 448 Words
    • 2 Pages

    Chapter 3 Solutions, 3rd day Exercise 3-13 (15 minutes) 1. | Actual manufacturing overhead costs | | $ 48,000 | | Manufacturing overhead applied: 10,000 MH × $5 per MH | | 50,000 | | Overapplied overhead cost | | $ 2,000 | | | | | 2. | Direct materials: | | | | Raw materials inventory, beginning | $ 8,000 | | | Add: Purchases of raw materials | 32,000 | | | Raw materials available for use | 40,000 | | | Deduct: Raw materials inventory, ending | 7,000 | | | Raw materials used in production | | $ 33,000 | | Direct labor | | 40,000 | | Manufacturing overhead cost applied to work in process | | 50,000 | | Total manufacturing cost | | 123,000 | | Add: Work in process, beginning | | 6,000 | | | | 129,000 | | Deduct: Work in process, ending | | 7,500 | | Cost of goods manufactured | | $121,500 | | | | | Problem 3-24 (60 minutes) 1. a. b. | Actual manufacturing overhead costs: | | | Insurance, factory | $ 7,000 | | Depreciation of equipment | 18,000 | |…

    • 448 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Managerial Accounting

    • 2026 Words
    • 9 Pages

    5-5 Production Report, No Beginning Inventory Wantler Company Mixing Department ------------------------------------------------- Production Report for 2001 Unit Information Units to account for: Units in beginning WIP 0 Units started 75,000 Units to account for 75,000 Units accounted for: Equivalent Units Physical Direct Conversion Flow Materials Costs Units completed 75,000 75,000 75,000 Units in ending WIP 12,000 12,000 11,400 Total units accounted for 87,000 87,000 86,400 Cost Information Costs to account for: Direct Conversion Materials Costs Total Costs in beginning WIP $ 0 $ 0 $ 0…

    • 2026 Words
    • 9 Pages
    Good Essays
  • Good Essays

    Management Accounting

    • 660 Words
    • 3 Pages

    Marston Corporation manufactures disposable thermometers that are sold to hospitals through a network of independent sales agents located in the United States and Canada. The sales agents sell a variety of products to hospitals in addition to Marston’s disposable thermometer. The sales agents are currently paid an 18% commission on sales, and this commission rate was used when Marston’s management prepared the following budgeted income statement for the upcoming year. Marston Corporation Budgeted Income Statement Sales Cost of goods sold: Variable Fixed Gross margin Selling and administrative expenses: Commissions Fixed advertising expenses Fixed administrative expenses Net operating income $30,000,000 $17,400,000 2,800,000…

    • 660 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    Managerial Accounting

    • 380 Words
    • 2 Pages

    The reduction in downtime would have to have a present value of at least $11,816 in order for the project to be acceptable.…

    • 380 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Managerial Accounting

    • 872 Words
    • 4 Pages

    BBUS2541 – ASSIGNMENT #3 Q1 – Exercise 4-18 Percentage of Physical Completion w/respect Equivalent Units Units to conversion Direct Material Conversion Work in Process, October 1 1,000 40% Units Started during October 5,000 Total Units to account for 6,000 Units from beginning WIP, completed & transferred out during October 1,000 100% 1,000 1,000 Units started & completed during Oct 3,000 3,000 3,000 Work in Process, Oct 31 (20% as to con) 2,000 20% 2,000 400 Total Equivalent Units 6,000 6,000 4,400 Q2 – Exercise 4-21 Direct Material Conversion Total Work in Process, November 1 $ 65,000 $180,000 $245,000 Costs Incurred $425,000 $690,000 $1,115,000 Total Costs to Account for: $490,000 $870,000 $1,360,000 Equivalent Units 7,000 1,740 Costs Per Equivalent Unit $70.00 $500.00 $570.00 Q3 – Problem 4-28 1. Analysis of Physical Flow of Units: Physical Units in beginning Work in Process: 50,000 Add: Physical Units started 200,000 Less: Physical Units completed & transferred out 190,000…

    • 872 Words
    • 4 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Managerial Accounting

    • 366 Words
    • 2 Pages

    Reflect and describe which key concepts and topics in this course have made you a stronger candidate to enter the business world.…

    • 366 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Managerial Accounting

    • 2425 Words
    • 10 Pages

    The comparison of a company's financial condition and performance across time is known as: Horizontal Analysis…

    • 2425 Words
    • 10 Pages
    Powerful Essays
  • Powerful Essays

    Managerial Accounting

    • 4834 Words
    • 43 Pages

    Answer: D AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Measurement LO: 1 Level: Easy…

    • 4834 Words
    • 43 Pages
    Powerful Essays
  • Satisfactory Essays

    Managerial Accounting

    • 435 Words
    • 2 Pages

    It is imperative that we hire another managerial accountant to focus on our internal accounting. Our internal accounting is very important because this is what sets our standards and policies. In order to maintain good internal accounting, it is important to hire someone with the expertise and experience to analyze, implement, and make necessary adjustments to our current system and policies so that we may have better control within our company.…

    • 435 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Management Accounting

    • 9489 Words
    • 38 Pages

    - The file is either in .doc, .pdf, excel, or zipped in the package and can easily be read on PCs and Macs.…

    • 9489 Words
    • 38 Pages
    Satisfactory Essays
  • Good Essays

    Management Accounting

    • 978 Words
    • 4 Pages

    The historical cost provides the management and the investors significant other options in recognising, reporting and measuring economic information. It cannot be useless, as it will help the owner or he manager to forecast the coming operational costs based on the previously available data. Its basic function is to tell the user the actual or true cost of the item. Without knowing the original costs future projections can be misdirected. Historical cost is such advantageous that it is recognised and accepted by the multinational and corporations around the world.…

    • 978 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Partnership Accounting

    • 1538 Words
    • 9 Pages

    2. Non-profit – These are usually organised for a specific mission, other than to make a profit.…

    • 1538 Words
    • 9 Pages
    Good Essays