Generally Accepted Accounting Principles (GAAP) is a standard guidelines and accounting rules that companies used to prepare‚ present‚ and report financial information. By following this framework‚ companies can ensure that any financial information presented is uniformly consistent‚ relevant‚ feasible and objective. Through this standardization‚ corporate financial information can more readily be reviewed and interpreted by investors‚ stockholders‚ banks and other potential creditors and also promotes
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Managerial Accounting and the Business Environment Chapter 1 © 2010 The McGraw-Hill Companies‚ Inc. Learning Objective 1 Understand the role of management accountants in an organization. McGraw-‐Hill/Irwin Slide 2 Organizational Structure Decentralization is the delegation of decisionmaking authority throughout an organization. Corporate Organization Chart Board of Directors President Purchasing Personnel Vice President Operations Chief Financial Officer Controller
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The Production Possibilities Frontier (b‚ c) (b) The farmer’s production possibilities frontier Meat (oz) If there is no trade‚ the farmer chooses this production and consumption. (c) The rancher’s production possibilities frontier Meat (oz) 24 8 12 4 0 If there is no trade‚ the rancher chooses this production and consumption. B A 16 32 Potatoes (oz) 0 24 48 Potatoes (oz) Panel (b) shows the combinations of meat and potatoes that the farmer can produce. Panel (c) shows the combinations
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Merchandise: Products that a company acquires to resell to customers. Merchandisers earn net income by buying and selling merchandise. -Wholesalers or retailers Wholesaler: An intermediary that buys products from manufacturers and sells them to retailers or wholesalers. Retailer: An intermediary that buys products from manufacturers or wholesalers and sells them to consumers. Cost of goods sold: The expense of buying and preparing merchandise. Gross profit: Net sales of a product – Cost of goods
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Five-Step Model of Problem Solving List the five steps in the model for problem solving from Ch. 6 of Critical Thinking in Everyday Life. Write a brief description of each in your own words. Cite any sources you use. Step Description Step 1: Identify the problem Take the time to identify exactly what difficulty repeats itself. Describe it in detail so that you get a clear picture of who or what the issue is to your problem. Step 2: Discover the causes of the problem Why does the problem occur? Identifying
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Critical Thinking‚ Writing Clearly‚ and Problem Solving Critical Thinking‚ Writing Clearly‚ and Problem Solving. Abstract Thinking can be biased‚ partial‚ distorted‚ misinformed and prejudice. So the purpose of this paper is to introduce the concept of critical thinking. This paper will explain how a person can think critical‚ so they will not have their thoughts being partial‚ distorted‚ misinformed or prejudice. Critical thinking is self-directed‚ self-disciplined‚ self-monitored and self-corrective
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Apply Problem Solving Apply Problem Solving Problem solving is not always an easy task to tackle. During my years of work experience I have seen and been part of several problem solving situations‚ and everyone is different‚ and everyone handles these situations differently. In order to solve them successfully sometimes you have to persuade certain people and sometimes science needs to prove it wrong or right. Working in title and escrow can be frustrating‚ challenging‚ long hours‚ and most
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Ch 12 Id’s 1. Oliver Hazard Petty- United States commodore who led the fleet that defeated the British on Lake Erie during the War of 1812. HS: Petty’s win made him a hero among Americans and it also gave new life to the Americans in the war of 1812 2. Thomas Macdonough- was a naval officer for the United States during the War of 1812. He led his forces that were able to force the invading British army in Plattsburgh‚ New York in 1814. HS: Macdonough saved New York from being invaded
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making across the various functional areas of an organization Managerial accounting: the form of accounting concerned with providing information to managers for use in planning and controlling operations and for decision making Financial accounting: the form of accounting concerned with providing information to shareholders‚ creditors‚ and others outside the organization The work of managers and their need for managerial accounting information Every organization has managers – someone must be responsible
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Homework Chapter 4- Key Terms 1. Budget- A single-use plan for an operation from its beginning to its end 2. Business-level strategy- Answers the question” How do we compete?” It focuses on how each product line or business unit within an organization competes for customers 3. Contingency plan- An alternatives goal and course or courses of action to reach that goal‚ if and when circumstances and assumptions change so drastically as to make an original plan unusable 4. Core values- Values
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