Management and Organizational Studies 3370A/B Study Guide - Midterm Guide: Dependent And Independent Variables, Finished Good, Opportunity Cost

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Every organization has managers who perform several major activities, such as: planning, controlling, directing/motivating, decision making. Identify alternatives: ele(cid:272)t alter(cid:374)ati(cid:448)e that does the (cid:271)est jo(cid:271) of furtheri(cid:374)g orga(cid:374)izatio(cid:374)"s o(cid:271)je(cid:272)ti(cid:448)es, develop budgets to guide progress toward selected alternative. Directing and motivating: managing day-to-day activities to keep organization running smoothly. Controlling ensures plans are being followed. Decision making intelligent, data driven decisions: decision making cycle make plan, implement plan, measure performance, compare actual to planned performance. Managerial accounting internal users, information used to make decisions to run business better. Financial accounting external users, looking at past performance, etc: accuracy of statements is most important, looking at company at entire level wide scope of view, must follow certain practices. Direct materials: raw materials that become an integral part of the product that can be conveniently traced back to it. Direct labour: labour costs that can be easily traced to individual units of production. Classification of costs manufacturing costs often classified as following: