Imagine this scenario: - You are currently working in management, within the aspect of accounting impacting the business decision making, answer the following the questions.
Accounting is the process of keeping track of financial dealings of the company. This include the knowledge of where the money is coming from, where it is being spent and how it is being spent/used. Naturally, since one of the key purpose of business is to generate money, accounting has a big role to play in business.
One example of how accounting affects decision making is that accounting considers the money that is expected to come in in the future (accounts receivable). Based on this expected windfall, a manager can decide his/her budget for the future. This way accounting helps in decision making process.
Financial statement is usually published for the external entities (especially true for public listed companies), however they can also be used internally. Financial statement depict important metrics and ratios that are important to understand the health of the business. Financial statements can help managers decide on where their financial weakness lies (e.g. low inventory turnover, poor current ratio, etc.) and eventually help the manager identify the problems to address within the company.
In case of publicly listed companies (traded in share market), the company is required to publish their financial report to the public. Otherwise if the company is looking to raise fund (for private companies) from external sources then they may need to show their financial report to the investors or the institute (VC, PE, etc.)
Imagine this scenario: - You are currently working in management, within the aspect of accounting impacting...
Imagine this scenario: - You are currently working in management, within the aspect of accounting impacting the business decision making, answer the following the questions. 1) What other uses, if any, do you have for accounting information (i.e. other than the uses already discussed)? 2) Is there anything else you feel I should know about accounting as I get started in this class? 3) What keeps you up at night? 4) If your budget increased by 10% what would you...
Imagine you are a representative of management in the company you have selected for your Week 6 Assignment and you must make a capital budgeting decision. The decision is to implement a new computer network system to decrease the time between customer order and delivery. The cost will be 10% of last year’s profits. You are charged with describing the important considerations in the decision-making process to upper management.
Planning and Control- Budgeting Management and cost accounting requires the accumulation of costs for a number of different purposes, i.e. stock valuation and profit measurement, decision making and planning and control. The budgeting process has been traditionally used to plan an organisations’ activities into the future. A budget can be described as an approved financial plan, reflecting expectations for a defined, future period of time. Budgets also serve an as important framework for performance evaluation and control by holding individuals...
Imagine that as a college student you will buy a new Luggage, what stage in decision making model is the most, and how is it crucial to other? Be sure to use the consumer decision making process: Needs recognition, information search, evaluation of alternatives, purchase and postpurchase behavior.
You are the CFO of a 400-bed hospital in Texas and having trouble with your bottom line and staying within budget. As part of your continued efforts to train your department directors/ supervisors and board on understanding cost and how it is used in the decision process, you have set up classes to explain major concepts of cost. Explain the concept of management control and how budgeting is used as part of it. Describe the concept of zero-base budgeting. PLEASE...
Imagine that you want to start your own business of selling burgers. You are however working on a salary in some other cafeteria. You make a budget and see that you might have to incur the following expenses to run a cafeteria. __1. Imagine at least five variable expenses and five fixed expenses of your choice (can be more). __2. Imagine a Sales Price for your burgers. __3. Also imagine some basic drawings or salary for yourself as you are thinking...
Imagine this scenario. You are an accounting manager at ABC Corp, a nonpublic company that prepares GAAP financial statements in order to receive financing from banks. The operations team at ABC is moving forward quickly on a deal to invest in a key supplier, but has not yet informed the accounting team of this possible deal. Make your best case: List two reasons why the operations team should involve the accounting department in reviewing the deal before it is executed.
Imagine that you are the new department manager of a corporation within your chosen field: You discover that your predecessor had been using the cash basis of accounting, which has resulted in many errors and misinformation. What measures would you take to remediate the issue? Propose a high-level plan to implement a proper accounting system for your department using specific principles discussed in the course. For example, which financial statements would you investigate first? What sort of internal controls would...
Imagine a hospital is considering joining an ACO and has hired you as a consultant in this process. What questions would you ask the organization to better understand if an ACO is the best business move? What information would you want to know to make your decision? Consider the clinical and administrative functions of an ACO. Provide a brief explanation of how this information would inform your decision-making process.
Imagine a university hired you as a management consultant to devise new strategic actions for 2022. Walk us through the steps that you will take to identity and assess various external forces/variables that might affect your client. Please be sure to present the process within a strategic decision making framework. It is critical to briefly discuss the analytical perspective/lens that you will utilize to analyze this case. Please cite at least 1 resource to support your discussions