COMM 305 Chapter Notes - Chapter 22: Total Quality Management, Lean Manufacturing, Financial Statement
25 Jan 2015
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Identify the three broad functions of management and the role of management accountants in an organizational structure. Accounting): field of accounting that provides economic and financial information for managers and other internal users. * applies to all types of businesses service, merchandising, and manufacturing. * applies to all forms of businesses proprietorships, partnerships, and corporations. * more responsible for strategic cost companies management. * team includes members from production, marketing, engineering, etc. * both deal with economic events of a business. * both require that economic events be quantified and communicated to interested parties. * key objective: add value to the business. * value measured by trading price of stock. & by potential selling price of the company: directing resources. * hire and train employees including executives, managers, and supervisors. * decide on the changes needed to get back on track. * typically use a formal system of evaluation.
