ACC 342 Lecture Notes - Lecture 17: Cost Accounting, Management Accounting, Market Liquidity
All Organizations have ______________________.
Goals and Objectives
Management's Responsibilities include:
Planning, Controlling, and Decision Making
Management's Responsibility: Planning
Developing long- and short term plans to achieve goals and objectives
Manage Responsibility: Controlling
Seeing that plans are implemented and modified as needed; evaluating performance
Manage Responsibility: Decision Making
An ongoing process of selecting a course of action among different alternatives
Management accountants support managers with ___________.
Information and expertise
Organizations exist because ___________
They create goods or services that others value or are willing to pay for.
Businesses strive to ___________ and __________ deliver what customers value
effectively; efficiently
Businesses deliver what customers value _____________
At a price customers are willing to pay and also achieve a profit target
Prices are influenced by __________
Customers, costs, and competition
find more resources at oneclass.com
find more resources at oneclass.com
Cost accounting helps managers __________
achieve maximum value for their organization
Cost accounting provides managers __________
With information for decision making
Cost accounting helps managers measure __________
The effects of decisions on the value of the organization
Value Chain (VC)
Activities that transform raw resources into good/services for end users
Value Chain includes
disposal of waste generated by end users
VC: Research & Development
Idea creation and development for new goods, services or processes
VC: Design
Detailed development and engineering
VC: Purchasing
Acquisition of goods/services needed to produce a product/service
VC: Production
Collection and assembly of resources to produce a product/service
VC: Marketing and Sales
Informing potential customers about attributes of products or services that lead to their sale
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Developing long- and short term plans to achieve goals and objectives. Seeing that plans are implemented and modified as needed; evaluating performance. An ongoing process of selecting a course of action among different alternatives. They create goods or services that others value or are willing to pay for. Businesses strive to ___________ and __________ deliver what customers value effectively; efficiently. At a price customers are willing to pay and also achieve a profit target. Cost accounting helps managers __________ achieve maximum value for their organization. The effects of decisions on the value of the organization. Activities that transform raw resources into good/services for end users. Value chain includes disposal of waste generated by end users. Idea creation and development for new goods, services or processes. Acquisition of goods/services needed to produce a product/service. Collection and assembly of resources to produce a product/service. Informing potential customers about attributes of products or services that lead to their sale.
