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provide specific examples of these questions with respect to the use of a coutry's scarce resources
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What is accounting management?
There are three type of Accountants: 1 - Financial Accountants 2 - Cost Accountant 3 - Management Accountant Management Accountant is a person who helps the management in the decsion making process of daily working activities by providing relevent data and analysis and helps management in every aspect of business activities and provide the analysis of financial implications of different decisions made by management and help to choose most benefitial decision and ways to manage business.
What are the three major business activities in which accountants play a major role?
Financial Accounting, Managerial Accounting, and Auditing.
What role does accounting play in business operations?
Accounting helps managers see what direction the business is headed in. With the right accounting department, a business can meet their organizational goals.
What role do scarcity and opportunity cost play in making management decisions?
If you do not have a resource, you will have to make different decisions. If you have an opportunity come up, you may have to change your plan.
What are the applications of statistics in business and management?
Statistics in business and management:1. Marketing: Statistical analysis are frequently used in providing information for making decision in the field of marketing it is necessary first to find out what can be sold and the to evolve suitable strategy, so that the goods which to the ultimate consumer. A skill full analysis of data on production purchasing power, man power, habits of compotators, habits of consumer, transportation cost should be consider to take any attempt to establish a new market.2. Production: In the field of production statistical data and method play a very important role. The decision about what to produce? How to produce? When to produce? For whom to produce is based largely on statistical analysis.3. Finance: The financial organization discharging their finance function effectively depend very heavily on statistical analysis of peat and tigers.3. Banking: Banking institute have found if increasingly to establish research department within their organization for the purpose of gathering and analysis information, not only regarding their own business but also regarding general economic situation and every segment of business in which they may have interest.4. Investment: Statistics greatly assists investors in making clear and valued judgment in his investment decision in selecting securities which are safe and have the best prospects of yielding a good income.5. Purchase: the purchase department in discharging their function makes use of statistical data to frame suitable purchase policies such as what to buy? What quantity to buy? What time to buy? Where to buy? Whom to buy?6. Accounting: statistical data are also employer in accounting particularly in auditing function, the technique of sampling and destination is frequently used.7. Control: the management control process combines statistical and accounting method in making the overall budget for the coming year including sales, materials, labor and other costs and net profits and capital requirement.
What role do cross cultural communication cooperative decision making and collaborative problem solving play in multinational corporation management?
1. What role do cross-cultural communication play in multinational corporation management ? 2. What role do cooperative decision-making play in multinational corporation management ? 3. What role do collaborative problem-solving play in multinational corporation management ?
What role does a decision tree play in business decision-making?
Decision trees help managers visualize how their choices will play out within the organization. Using a decision tree, management can assess multiple options at once.
What role does critical thinking play in decision making?
Critical thinking is essential in decision making as it involves actively analyzing and evaluating information to make sound judgments. By using critical thinking skills, individuals can consider all perspectives, assess the validity of arguments, and identify potential biases or assumptions, which ultimately leads to making more informed and effective decisions.
What role might an accounting professional play in ethical corporate decision making?
Accounting professionals can help executive managers set the direction for the company through budgets. Their expertise will help managers guide the organization financially.
Can management accounting play an important role in a nonprofit organization?
Yurt
What role does the cost of capital play in the financial decision making of the firms top managers?
What role does the cost of capital play in the financial decision making
What is the role of statistics in accounting?
Statistics play a very vital role in accounting. They help in the interpretation of data which is crucial for making proper accounting decisions.
What role does personality play in decision making?
Personality can influence decision making by shaping individual preferences, priorities, and risk tolerance. People with different personalities may approach decisions in distinct ways, such as being more cautious or impulsive. Additionally, personality traits like openness to experience or agreeableness can affect how individuals gather information and weigh options during the decision-making process.
What is accounting management?
There are three type of Accountants: 1 - Financial Accountants 2 - Cost Accountant 3 - Management Accountant Management Accountant is a person who helps the management in the decsion making process of daily working activities by providing relevent data and analysis and helps management in every aspect of business activities and provide the analysis of financial implications of different decisions made by management and help to choose most benefitial decision and ways to manage business.
What role does price elasticity demand play in decision making by business firms?
price elasticity
What role does financial accounting play in decision making?
Accounting has been defined as the process of identifying, measuring, recording and communicating economic information to permit informed judgments and economic decisions. The primary purpose of accounting is to help persons make economic decisions. In our society resources must be allocated among and within all kinds of entities. Accounting information provides the basis for making decisions about resource allocation.Accounting information is financial information about economic activities. All economic entities (e.g. businesses, government agencies, families, charitable entities) need such information because it is used for making economic decisions about those entities.11 Hoggett, J.R., Edwards, L., & Medlin, J., Accounting in Australia, Fifth Edition, Chapter 1.
What role do decision support system play in the business environment?
Typical roles decision support systems (DSS) play in business modeling are around advocating a certain thought around decision making use of the underlying data. For example : identifying from the underlying data who are the most profitable customers, what products are selling well in a certain market etc ...for organizations DSS could help in cost management as well (where is money getting spent for what) .. it could help in defining marketing strategy, it could help is supply chain management and pretty much in the whole ecosystem of the organization.
