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Ch1-4, 10

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Ryerson University
ACC 410
Alison Beavis

Effects of Uncertainties & Biases High quality information is more: certain, complete, relevant, timely, valuable Uncertainties prevent managers from accurately describing problem, identify all High quality reports are more: relevant, understandable, available possible options, knowing outcomes of options, anticipate all future conditions High quality decision-making process is more: thorough, unbiased, focused, strategic, creative & visionary Biases inhibit recognition of uncertainties, thorough analyses, consideration of alternatives, critical evaluation of priorities, continuous improvement Relevant info to choose alternative: concerning future, varying with action taken Biases Preconceived notions adopted without careful thought; ignore Irrelevant info: not useful, unavoidable cash flows weaknesses in their preferred course of action & prevent exploring options Decision Quality characteristics of decision, affect likelihood of achieving positive Relevant (incremental) cash flows Cash flows that occur under one course of outcome actiondecision alternative, but not under another Organizational vision Core purpose and ideology of an organization Irrelevant (unavoidable) cash flows - Cash flows that occur regardless of which Organizational core competencies organizations strengths relative to course of actiondecision alternative is chosen competitors Organizational strategies tactics, taking advantage of core competencies while Open-ended problems problem with no single correct solution, due to significant working toward organizational vision uncertainties Operating plans Specific short-term decisions, organizations daily activities Actual operations various actions taken & results achieved over period of time Ethical behaviour rewards integrity, reputation, self-respect, social welfare Cost accounting method for determining cost of a project, process, or thing Management accounting Process of gathering, summarizing, & reporting information used internally to make decisions; future oriented, not GAAP Financial accounting process of preparing and reporting financial information that is used most frequently by decision makers outside organization Strategic cost management Expansion of management accounting to focus on reducing costs & strengthening organizations strategic position Balanced scorecard help organizations translate vision into objectives, measured & monitored using both financial & nonfinancial performance measures External reports for government, shareholders, stakeholders Internal reports evaluating & updating organizational strategies, communicating & monitoring operating plans, measuring, monitoring & motivating performance Knowing Identifying Exploring Prioritizing Envisioning
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