MOS 1023 Jan 30

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Management and Organizational Studies
Management and Organizational Studies 1023A/B
Maria Ferraro

Jan 30 – Management Accounting - Focuses on the internal users in the firm. External Decision Makers – Statements based on a format, standards, specific rules Internal Decision Makers – Reply to anyone in the company that need information for whatever reason – Not limited to accountants: can be for anyone from entry-level to executive decisions to make short-term or long-term decisions. eg. Long term: should the factory close? – Qualitative information as well as quantitative. As opposed to External accounting, in management accounting, qualitative factors are often as important as the quantitative – No rules – standards are made so the company can do the best that it can financially Processes of Management – Even if you are an accountant, you will always have some function of control over your job. – Regardless of what area you are in, some, if not all of the processes of management will be used. Planning – often 3-5 years – A strategic initiative is often unreachable. – Planning supports the strategy. 1. Identify alternatives 2. Select alternative – based on what your resources are. 3. Develop budgets – take the lofty, long term strategy, break it down into more manageable pieces. Directing and Motivating – Everyday activities – working towards achieving the budget goal – Who does the work? How do I schedule work? How do I deal with work conflicts? – Executive team often delegates work to other people in a 'lower' position. Hierarchy – direct manager of the department often handles day-to-day things Control Function – Feedback measures by taking information – Could be qualitative – Questioning if resources are in the right place, motivating people, putting people in the right jobs. – Non-profit organizations often do not have time to determine this *Comparison of Financial and Managerial Accounting Four-Step Framework for Decisions – Decisions are based on what is best for the company. Specify Problem and Goals – Goals Vary – making money may not be the company goal eg. It may to be own their own business – Decisions require that goals are set. Janice is traveling to see a friend in New York next month and she is trying to decide whether to fly or take the train. She found a round-trip airline ticket for $500.00
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