[Business 70-255] - Midterm Exam Guide - Everything you need to know! (12 pages long)
5 Oct 2016
School
Department
Course
Professor
Document Summary
The management cycle and the need for managerial accounting information. Service firms include doctor clinics, advertising agencies, and financial institutions. Merchandising firms refer to retail and wholesale outlets that buy goods from suppliers and resell them to customers. Manufacturing firms engage in the production and sale of different types of products. Strategy: the general direction in which an organization plans to move to achieve its goals and objectives, derived from the organization"s stated mission (its purpose) and vision (how it wants to be perceived by the outside world) Implementation: carrying out day-to-day activities, making short-term and long-term decisions, organizing and allocating resources, and managing people by directing and motivating them, action-oriented. Control: instituting procedures and then obtaining feedback to ensure that all parts of the organization are functioning effectively and moving toward overall company goals. Mostly external to the organization investors, creditors, regulatory bodies. Mostly internal to the organization managers and other decision makers.
